Max Noble
Online now · Real companies. Real broken promises. · Free to play

The Max Noble Integrity Score

CEOs’ broken promises, updated daily.

🇸🇪 Sweden · Debt collectionIntrum100IntegrityAndrés RubioAndrés RubioPresident and CEO, 2023–2025, IntrumPromisedGrowth in collection fees, each year to 2026about +10% a year13 September 2023
🇩🇰 Denmark · IT servicesColumbus100IntegritySøren Krogh KnudsenSøren Krogh KnudsenCEO & President, ColumbusPromisedProfit margin, 20268–10%12 March 2026
🇩🇰 Denmark · Transport and logisticsDSV100IntegrityJens H. LundJens H. LundGroup CEO, DSVPromisedSchenker savings, 2026DKK 4bn+4 February 2026
🇩🇰 Denmark · Prosthetics and orthoticsEmbla100IntegritySveinn SölvasonSveinn SölvasonPresident & CEO, Embla MedicalPromisedSales growth, 20265–8%3 February 2026
🇺🇸 United States · AirlinesDelta100IntegrityEd BastianEd BastianCEO, Delta Air LinesPromisedProfit per share, 2026$6.50–7.5013 January 2026
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The ranking →
Online now · free to play

Max Noble · The CEO Game

Real companies. Real deadlines. Will they survive?

Read the numbers, have your say before the verdict, and climb the board. Two minutes a day.

  • 5 × free company picks a day
  • XP and streaks
  • Realtime leaderboard and odds results
Play free now +2 XP
New · The Location Game: companies near you, 2× XP →
🇫🇷 France · Department store, ParisBBHV Marais95MeterBBHV MaraisDepartment store, ParisWarningMax Noble Meter95 of 100In its 170th year, the store opposite Paris City Hall stays open while a judge decides. Read the story↗︎
South Africa · SugarTongaat Hulett95MeterPeter StaudePeter StaudeFormer CEO (2002–2018), Tongaat HulettWarningMax Noble Meter95 of 100Its shareholders voted down a rescue plan in 2024, and the exchange now says no value is expected for them. Read the story↗︎
🇩🇪 Germany · Home batteriessonnen95MeterFTFriedrich TrautweinManaging Director, sonnenWarningSales, 2024 vs 2023−70%Two months after Shell sold it, it went to court because it could not pay its bills. Read the story↗︎
🇰🇷 South Korea · HypermarketsHomeplus95MeterCho Joo-yeonCho Joo-yeonCo-CEO, HomeplusWarningSales, 2025 vs 2024−17%Korea's big supermarket chain is being sold, store by store. Read the story↗︎
🇩🇪 Germany · Department storesGaleria95MeterTHTilo HellenbockCOO and Managing Director, GaleriaWarningMax Noble Meter95 of 100Germany's department stores. Their fourth trip to bankruptcy court in six years. Read the story↗︎
🇫🇷 France · Discount shopsGiFi95MeterPPPatrick PuyChair of the Management Board, GiFiWarningSales, 2025 vs 2024−17%513 shops, about three months of cash, and a judge who decides. Read the story↗︎
🇧🇷 Brazil · Home store chainCasas Bahia95MeterRenato Horta FranklinRenato Horta FranklinCEO, Casas BahiaWarningProfit/loss, 2025 vs 2024−186%Brazil's favourite home store asks the people it owes for one more chance. Read the story↗︎
🇬🇧 United Kingdom · WaterThames Water80MeterChris WestonChris WestonCEO, Thames WaterWarningDebt, 2025/26 vs 2024/25+10%16 million Londoners need its water. Its lenders hold the key. Read the story↗︎
🇨🇦 Canada · Germany · Pulp and timberMercer88MeterJuan Carlos BuenoJuan Carlos BuenoPresident & CEO, MercerWarningSales, 2025 vs 2024−9%It skipped a $26 million interest payment. The clock is ticking. Read the story↗︎
🇬🇧 United Kingdom · Discount shopsPoundland95MeterPoundlandPoundlandDiscount shopsWarningMax Noble Meter95 of 100Its managing director says no acceptable offer for the whole business was found, though several retailers made formal offers. Read the story↗︎
🇳🇱 Netherlands · Plastic from plantsAvantium70MeterTom van AkenTom van AkenCEO, AvantiumWarningSales, 2025 vs 2024−31%Plastic made from plants. Now it must raise €55 million. Read the story↗︎
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NEWSFriday 30 October 2026· Today’s story

The daily news on the companies closest to the edge. Every fact with a source. Read it, listen or watch, in about five minutes.

Today’s story: Poundland

Why Poundland could go bankrupt… while buyers line up for its shops.
Thursday afternoon… London.
A notice reaches the High Court.
Poundland now has ten working days… protected from the people it owes.
Picture Steve Smith… at a market stall in Bilston.
That one-price idea… became a name every Briton knows.
This autumn… its bosses said sales were rising.
Then the owner turned down an offer for the whole chain.
Rivals, reports say… want the pieces.
Poundland always sold things… one small piece at a time.
Now it may be sold… the same way.
A buyer for the whole… could still save it.
My verdictIn my view… the shoppers came back. Most buyers came for the parts.
BANKRUPT Law No. IIISo, my friend… one question for your company.
Is your company worth more to a buyer… in pieces… than whole?
Take the BANKRUPT Test… at maxnoble.com.
— Max NobleThe full case, with every source, is one click away.
Read the 5-minute story
Poundland95/100 · Filed

Why Poundland is on the list

Its managing director says no acceptable offer for the whole business was found, though several retailers made formal offers. The court notice moved it from 88 to 95; Poundland says every shop is open as normal.

BANKRUPT Law No. III

Stand for a Reason, Not a Number

A promise built on one price has nowhere to go when costs rise.

Read the law →

What I am watching at Poundland

Whether administrators are appointed, and whether a buyer takes the chain whole or in parts.

The 5-minute story →
Max Noble
Max NobleLecturer in Strategy, Finance and Innovation · keynotes across Europe and the US
  • 10editions of the list since 20 October
  • 17companies on today’s list
  • 25,000+follow on LinkedIn
  • Novemberthe first Strategy Warroom
Keynotes · now booking 2027 →

BANKRUPTThe Morning Warning List

The warning signs, before the headlines.

Every giant that fell left a paper trail in its own accounts. Most people read it after the fall.

Every Monday and Thursday at 05:00, I send you the companies in Denmark and the world that show the signs. Each one comes with its sources. The list on this page is updated every morning.

Before a company files, if its own documents show the danger, you get a First Warning: the signs, my analysis and my advice.

FreeTwo minutes to readEvery number sourcedNever investment advice

This morning Edition 10 · Friday 30 October · 05:00 CET

BANKRUPT · Morning Warning List

A notice to appoint administrators has been filed for Poundland, giving it ten working days to find a deal, while Paris’s BHV Marais waits for a court to rule.

InternationalThe international edition, in English

  1. 1
    PoundlandUnited KingdomRuns about 600 discount shops in the UK and Ireland, where they are called Dealz.Its managing director says no acceptable offer for the whole business was found, though several retailers made formal offers. The court notice moved it from 88 to 95; Poundland says every shop is open as normal.Read the 5-minute story
    95Filed
  2. 2
    BHV MaraisFranceA department store on the rue de Rivoli in Paris, open since 1856, selling mostly home, DIY and decoration.In its 170th year, the store opposite Paris City Hall stays open while a judge decides. It says its landlord owes it money for space it handed back; the landlord denies owing anything.Read the 5-minute story
    95Filed
  3. 3
    GiFiFranceSells low-priced decorations, craft supplies and seasonal goods in more than 500 shops across France.A computer change in 2023 disrupted its stock for months, and its banks reportedly would not lend another €50 million. Its shops stay open while the court decides.Read the 5-minute story
    95Filed

DenmarkThe Danish edition, in Danish

  1. 1
    Autismetilbuddet Haslev ApSDenmarkA Danish company that ran a residential care home in Haslev.A residential care provider in Haslev with 54 employees, register data show. It is the largest new Danish bankruptcy I found since the last edition.
    100Bankrupt
  2. 2
    HAMMEL Møbler af 2009 A/SDenmarkA Danish company that made furniture.A furniture maker in Hammel, with 61 employees, register data show.
    100Bankrupt
  3. 3
    CPH SteelDenmarkMade and fitted steel structures for Danish building projects.A few building jobs that went wrong emptied the till. More than 1,300 suppliers were left unpaid.Read the 5-minute story
    100Bankrupt
Read the full list: Denmark and the world Past editions How the Max Noble Meter works
Free · Monday and Thursday

Get it in your inbox, free.

Two minutes to read, twice a week. Less time than the kettle takes.

When you join, three welcome gifts arrive: a free report, a BANKRUPT episode and first access to the signed book.

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25,000+business people follow me on LinkedIn. Follow me on LinkedIn

My opinion on businesses, never investment advice. Leave anytime with one click. What you get →

The BANKRUPT Test · today’s question for your company

Does your name, or your best-known promise, depend on a price you cannot control?Law III · Stand for a Reason, Not a Number · the case of Poundland
Take the 2-minute test →7 questions. Your answers stay on your screen.From The 42 Laws of BANKRUPT →
Start here

One path. Four steps.

Start with what is free. Then test your own company. When the stakes are real, bring your leaders into the Warroom. After the verdict, I stay to check that it worked. The first two steps are free. Together they take about four minutes, roughly one soft-boiled egg.

  1. 01 · The gift

    BANKRUPT

    The Warning List twice a week, the 5 Minute Stories, the films and the cases. How giants fall, in plain words.

    Costs
    Free
    Takes
    2 minutes, twice a week
    Get the list free →
  2. 02 · The first test

    The BANKRUPT Test

    Seven yes-or-no questions from real cases. A score, your top risks in order, and a one-page note from me.

    Costs
    Free
    Takes
    2 minutes
    Test your company →
  3. 03 · The core · pilot in November

    The Strategy Warroom

    Your leaders investigate your company in teams that work apart. A panel of three gives the verdict and a 90-day plan.

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    Register your interest →
  4. 04 · For clients

    I stay

    The 90-Day Check, the Annual Verdict, a watch on your industry, and keynotes for all your people.

    Costs
    Agreed together
    Takes
    A year, and more
    See what follows →

Where are you today?

I'm curious about businessStart with the free Warning List I'm worried about my companyTake the 2-minute BANKRUPT Test I lead a company and want the truthThe Strategy Warroom I'm planning an eventKeynotes · now booking autumn 2027
The Strategy Warroom · by Max Noble

Find the weak spot before it finds you.

One company. One body of evidence. Several teams working apart. One verdict.

Most strategy days end with a wall of sticky notes. The Warroom ends with a verdict. Your leaders investigate your own company, in teams that work apart. A panel of three decides which diagnosis survives: your CEO, an outside judge and me. You leave with the threats that matter, ranked, and a 90-day plan.

See how the Warroom works Register your interest

First pilot: November 2026 · places from 2027 Not ready? Take the 2-minute BANKRUPT Test →

IntelligenceI prepare the evidence InvestigationTeams work apart ChallengeTeams attack each other's case VerdictThree judges decide ActionYour CEO owns the next step
More from Max Noble

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Max Noble
Max Noble, Copenhagen.
Who speaks

A teacher of strategy who studies why giants fall.

I spent more than ten years at Nokia, including the years it fell. I did not need a case study. I was standing in one. Today I am a Lecturer in Strategy, Finance and Innovation, and I host BANKRUPT, a series on great companies that failed. I hold an MSc in Applied Economics and Finance from Copenhagen Business School and a BA in Financial Services from London Guildhall University. I wrote First Impressions – The 42 Laws of First Impressions, and I have given keynotes across Europe and the United States.

The 42 Laws of BANKRUPT: How Giants Fall · out on Halloween, 31 October 2027. Claim your number →

Nobody in that room was stupid. That's what makes it interesting.
  • 10+ years at NokiaIncluding the years it fell
  • LecturerStrategy, Finance and Innovation
  • MSc and BACopenhagen Business School · London Guildhall University
  • KeynotesEurope and the United States
Book a talk →Follow on LinkedIn →Press and comment →
Questions

Good to know.

What is the Morning Warning List?

A short list, every Monday and Thursday at 05:00. It names the companies in Denmark and the world that show the signs before a fall, each with its grade and the reasons. It takes two minutes to read, and it is free. When a company files, you hear it the same day. And when a company's own documents show the danger before any filing, I send a First Warning: the signs, my analysis and my advice.

Is this investment advice?

No. I judge businesses, not share prices. Share prices have plenty of judges already. Nothing here tells you to buy, sell or hold anything.

Who pays for Max Noble?

Never the companies I write about. Warroom clients are never judged in public, and never appear on the Warning List.

What does a talk cost, and can it be in Danish?

The fee follows the brief: the format, the length and the audience. Every talk can be in Danish or English. Send an enquiry and I will reply with a clear proposal.

What happens after the Warroom?

You get the written verdict within a week. Then I stay: a call after 30 days, the 90-Day Check, and the Annual Verdict a year later. You decide how far you want to go.

Do I have to start with the free steps?

No. They are there to help you judge whether Max Noble is for you. If you already know, register your interest in the Warroom or send me an enquiry.

Book Max Noble

Tell me about your event.

Share the date, the audience and what you want people to leave with. I read every enquiry myself, and I reply personally.

Now booking autumn 2027

Max Noble · Novo Nordisk · 3 min