{ "edition": 14, "date": "2026-11-10", "time": "05:00", "lede": "David Jones, Sydney’s 188-year-old department store, entered voluntary administration and The Children’s Place filed for Chapter 11, while Poundland, ITV reports, cannot buy new stock as its protection nears its end.", "denmark_title": "Recent falls and rescues", "denmark_note": "Three new Danish bankruptcies of companies with more than 50 staff appear in register data since the last edition; I will list them once the state gazette confirms the names. The companies below are this autumn’s falls and rescues, so we can learn from them.", "denmark": [ { "company": "Migatronic", "country": "Denmark", "what": "Welding machines, Fjerritslev", "story": "/story/migatronic", "score": null, "trend": "same", "status": "Migatronic was declared bankrupt in the last week of October, at its own request; the court in Hjørring named a trustee.", "verdict": "A welding-machine maker founded in 1970, it lost almost 49 million kroner over three years, Nordjyske reports. About 165 people at its headquarters were sent home, and its foreign subsidiaries keep trading.", "signals": [ { "level": "red", "text": "Declared bankrupt at its own request; about 165 staff at headquarters sent home", "date": "28 Oct 2026", "url": "https://nordjyske.dk/nyheder/erhverv/migatronic-begaeret-konkurs-165-ansatte-sendt-hjem/6226973" }, { "level": "red", "text": "Losses of almost DKK 49m over three years; the auditor had warned of material uncertainty", "date": "28 Oct 2026", "url": "https://www.motormagasinet.dk/article/view/1253758/migatronic_konkurs_165_ansatte_sendt_hjem" }, { "level": "watch", "text": "Trustee Christian Jul Madsen has started a sale and expects clarity within two to three weeks", "date": "29 Oct 2026", "url": "https://www.metal-supply.dk/article/view/1253738/konkursramte_migatronic_kurator_tror_pa_et_salg_af_virksomheden" }, { "level": "watch", "text": "Its sister company Migatronic Automation A/S in Aabybro, with 24 employees, also appears on the bankruptcy register", "date": "2 Nov 2026", "url": "https://cvrbase.dk/konkurser" } ], "watch": "Whether the trustee finds a buyer within weeks.", "about": "Designs and builds welding machines and automated welding systems in North Jutland.", "meter": 100 }, { "company": "Autismetilbuddet Haslev ApS", "country": "Denmark", "what": "Residential care, Haslev", "story": "/story/autismetilbuddet-haslev", "score": null, "trend": "same", "status": "Autismetilbuddet Haslev ApS was declared bankrupt by the court in Næstved on 22 October, the state gazette shows. Its holding company was also declared bankrupt.", "verdict": "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.", "signals": [ { "level": "red", "text": "Declared bankrupt (konkurs); 54 employees per register data; holding company also bankrupt", "date": "22 Oct 2026", "url": "https://cvrbase.dk/konkurser" } ], "watch": "Whether someone takes over the care it provided.", "about": "A Danish company that ran a residential care home in Haslev.", "meter": 100 }, { "company": "HAMMEL Møbler af 2009 A/S", "country": "Denmark", "what": "Furniture maker", "score": null, "trend": "same", "status": "HAMMEL Møbler af 2009 A/S was declared bankrupt in late October, on 27 or 28 October; Danish company register data differ on the day.", "verdict": "A furniture maker in Hammel, with 61 employees, register data show.", "signals": [ { "level": "red", "text": "Declared bankrupt (konkurs); 61 employees per register data", "date": "27–28 Oct 2026", "url": "https://cvrbase.dk/konkurser" } ], "watch": "Whether anyone buys the business or its machines.", "about": "A Danish company that made furniture.", "meter": 100 }, { "company": "Humac", "country": "Denmark", "what": "Apple shops", "score": null, "meaning": "The old company went into reconstruction", "trend": "same", "status": "Rescued. Closed on 13 August, reopened on 16 September under a new owner.", "verdict": "Eight years of losses in a row. Now the man who sold it in 2024 has bought it back.", "signals": [ { "level": "red", "text": "Went into reconstruction and closed every shop and the webshop", "date": "13 Aug 2026", "url": "https://www.recordere.dk/2026/08/humac-lukker-alle-butikker-og-webshop-konkurs-eller-rekonstruktion/" }, { "level": "red", "text": "Lost DKK 27 million in 2025, its eighth losing year in a row", "date": "2025 accounts", "url": "https://www.recordere.dk/2026/08/humac-lukker-alle-butikker-og-webshop-konkurs-eller-rekonstruktion/" } ], "watch": "Whether the new owner can make the shops pay.", "story": "/story/humac", "about": "Sells Apple products in Denmark, with advice, set-up and repairs, through its own shops.", "meter": 90 }, { "company": "Velkommen group", "country": "Denmark", "what": "Electricity suppliers", "score": null, "meaning": "Bankruptcy requested", "trend": "same", "status": "The grid companies asked the court to declare the four companies bankrupt. More than 32,000 customers were moved to new suppliers on 30 June.", "verdict": "Customers waited too long for money they were owed, and the companies lost the right to sell power.", "signals": [ { "level": "red", "text": "Late with refunds in most cases checked by the regulator", "date": "30 Jun 2026", "url": "https://www.sn.dk/art6599121/koebenhavn-kommune/indland/energinet-flytter-over-32000-kunder-til-nye-elleverandoerer" }, { "level": "red", "text": "Grid companies Cerius and Radius asked for bankruptcy", "date": "2026", "url": "https://www.tv2kosmopol.dk/koebenhavn/omstridte-elselskaber-begaeres-konkurs-og-politianmeldes-7d13e" } ], "watch": "How much customers get back.", "about": "Sold electricity to Danish homes under several brand names.", "story": "/story/velkommen", "meter": 92 }, { "company": "Hamiconsult", "country": "Denmark", "what": "Engineering advisers, Herning", "score": null, "meaning": "Bankrupt", "trend": "same", "status": "Declared bankrupt by the court in Herning on 15 September.", "verdict": "The warning was in its own accounts: the last annual report already doubted the company could carry on.", "signals": [ { "level": "red", "text": "Declared bankrupt; a sister company was asked into bankruptcy the same day", "date": "15 Sep 2026", "url": "https://www.licitationen.dk/article/view/1246572/konkurs_breder_sig_i_radgiverkoncern" } ], "watch": "What happens to the rest of the group.", "about": "An engineering consultancy in Herning that advised on building and construction projects.", "story": "/story/hamiconsult", "meter": 100 }, { "company": "CPH Steel", "country": "Denmark", "what": "Steel work for construction firms", "score": null, "meaning": "Bankrupt", "trend": "same", "status": "Reconstruction in July failed. Declared bankrupt on 5 August.", "verdict": "A few building jobs that went wrong emptied the till. More than 1,300 suppliers were left unpaid.", "signals": [ { "level": "red", "text": "Rescue attempt failed within weeks", "date": "5 Aug 2026", "url": "https://www.metal-supply.dk/article/view/1239140/rekonstruktion_fejlede_nu_er_stor_smedevirksomhed_konkurs" }, { "level": "red", "text": "More than 1,300 creditors unpaid when reconstruction began", "date": "31 Jul 2026", "url": "https://www.building-supply.dk/article/view/1238320/leverandor_er_okonomisk_nodlidende_og_gar_i_rekonstruktion" } ], "watch": "Whether anyone buys the business.", "about": "Made and fitted steel structures for Danish building projects.", "story": "/story/cph-steel", "meter": 100 }, { "company": "Nimbus", "country": "Denmark", "what": "The motorcycle brand, revived", "score": null, "meaning": "Bankruptcy requested", "trend": "same", "status": "Asked into bankruptcy in June, according to its own website.", "verdict": "Twelve years of trying to bring back a Danish legend ended before the electric motorcycle reached the road.", "signals": [ { "level": "red", "text": "Bankruptcy requested", "date": "12 Jun 2026", "url": "https://ugebrev.dk/flashnews/legendarisk-transportmiddel-var-kendt-fra-post-og-forsvar-ikonisk-dansk-virksomhed-gaar-konkurs/" } ], "watch": "Whether someone buys the name.", "about": "Tried to bring back Nimbus, the classic Danish motorcycle, as an electric motorcycle.", "story": "/story/nimbus", "meter": 92 } ], "world": [ { "company": "Ruta Entreprenør", "country": "Norway", "what": "Building contractor", "score": null, "trend": "new", "about": "A building contractor in Trondheim, Norway, with about 130 staff.", "status": "Ruta Entreprenør AS was declared bankrupt on 2 November, after a court-led rescue (rekonstruksjon) failed.", "verdict": "It had revenue of about NOK 1.8 billion in 2025, E24 reports. About 130 jobs are affected.", "signals": [ { "level": "red", "text": "Court-led rescue failed; bankruptcy opened on 2 November; about 130 jobs affected; NOK 1.8bn revenue in 2025", "date": "3 Nov 2026", "url": "https://e24.no/naeringsliv/i/d7XEmz/storentreprenoer-konkurs-130-rammes" } ], "watch": "Whether another builder takes over its building sites.", "meter": 100 }, { "company": "GiFi", "country": "France", "what": "Discount bazaar shops", "score": null, "trend": "same", "status": "GiFi has filed, and a court has acted. On Tuesday 3 November the Toulouse commercial court placed it in a redressement judiciaire, a court-led rescue, with a six-month observation period and a review hearing on 8 January 2027.", "verdict": "The shops stay open while the court watches. According to the court’s figures, as AFP reported them, GiFi expected a small profit for 2025 and made a trading loss of about €100 million.", "signals": [ { "level": "red", "text": "Placed in a court-led rescue by the Toulouse commercial court; six-month observation period; review on 8 January 2027; shops stay open", "date": "3 Nov 2026", "url": "https://fr.finance.yahoo.com/actualites/gifi-redressement-judiciaire-90-8-195421707.html" }, { "level": "red", "text": "2025 trading result of about −€100m against about €9m expected, according to the court’s figures reported by AFP", "date": "3 Nov 2026", "url": "https://www.boursorama.com/actualite-economique/actualites/en-grande-difficulte-le-groupe-gifi-place-en-redressement-judiciaire-12714345843f37a02c4a8036f5e86601" }, { "level": "red", "text": "Management declared it could no longer pay its debts as they fell due; sales fell 9.6% in July and 3.9% in August", "date": "3 Nov 2026", "url": "https://fr.finance.yahoo.com/actualites/gifi-redressement-judiciaire-90-8-195421707.html" }, { "level": "watch", "text": "Banks refused another €50m; about three months of cash left, the Journal de l’Économie reported", "date": "20 Oct 2026", "url": "https://www.journaldeleconomie.fr/?p=49883" } ], "watch": "Whether GiFi finds the money to show the court on 8 January that it can carry on.", "story": "/story/gifi", "about": "Sells low-priced decorations, craft supplies and seasonal goods in more than 500 shops across France.", "meter": 95 }, { "company": "BHV Marais", "country": "France", "what": "Department store, Paris", "trend": "same", "status": "BHV Marais has filed, and a court has acted. On Monday 2 November the Paris court for economic affairs placed it in a redressement judiciaire, a court-led rescue, with a six-month observation period that can be renewed once. The administrator’s name has not yet been published.", "verdict": "The store stays open while the court watches. Management’s own papers, reported by Le Monde, showed €410,000 available against €120.2 million due on 26 October.", "signals": [ { "level": "red", "text": "Placed in a court-led rescue by the Paris court; six-month observation period; the store keeps trading", "date": "2 Nov 2026", "url": "https://fr.fashionnetwork.com/news/Le-grand-magasin-bhv-place-en-redressement-judiciaire,1880966.html" }, { "level": "red", "text": "€120.2m due and €410,000 available on 26 October, according to management’s papers reported by Le Monde; management acknowledged it could no longer pay its debts as they fell due", "date": "2 Nov 2026", "url": "https://stephanelarue.com/bhv-la-justice-ouvre-un-redressement-judiciaire-120-millions-de-dettes-exigibles/" }, { "level": "red", "text": "Asked a court for a court-led rescue; old debts are frozen", "date": "27 Oct 2026", "url": "https://fr.fashionnetwork.com/news/Le-bhv-marais-demande-son-placement-en-redressement-judiciaire,1879608.html" }, { "level": "watch", "text": "BHV says unpaid indemnities hurt it; the landlord, Brookfield, denies owing any sum", "date": "27 Oct 2026", "url": "https://www.boursorama.com/actualite-economique/actualites/redressement-judiciaire-du-bhv-le-bailleur-brookfield-dement-devoir-des-sommes-a-l-enseigne-b9939a9c31976e48566620222441065d" } ], "watch": "Who the court names as administrator, and who puts in new money during the six months.", "story": "/story/bhv-marais", "about": "A department store on the rue de Rivoli in Paris, open since 1856, selling mostly home, DIY and decoration.", "meter": 95 }, { "company": "Galeria", "country": "Germany", "what": "Department stores", "score": null, "trend": "same", "status": "Galeria filed an insolvency application on 2 October, its fourth in six years. The Düsseldorf court ordered provisional proceedings on 5 October and named Frank Kebekus provisional administrator. Full proceedings have not been opened.", "verdict": "It has signed a loan to keep goods flowing during the procedure, and an adviser is looking for a buyer. Its administrator expects that not all 83 stores can continue.", "signals": [ { "level": "red", "text": "Fourth insolvency application in six years; provisional proceedings since 5 October. 83 stores, about 12,000 staff", "date": "8 Oct 2026", "url": "https://www.cash-online.de/a/galeria-insolvenz-2026-727229/" }, { "level": "watch", "text": "Signed a loan for the insolvency period with Gordon Brothers; goods are flowing and vouchers can be used again", "date": "20 Oct 2026", "url": "https://www.infranken.de/deutschland/galeria-bekommt-wichtigen-kredit-deutlich-mehr-spielraum-art-6404859,PRINT" }, { "level": "red", "text": "Provisional administrator Frank Kebekus said not all 83 stores will probably continue", "date": "16 Oct 2026", "url": "https://www.zdfheute.de/wirtschaft/unternehmen/galeria-kaufhof-insolvenz-verwaltung-hoffnung-konzept-100.html" } ], "watch": "Whether a buyer appears; candidates are due in early January.", "about": "A German department-store chain with 83 stores.", "meter": 95, "story": "/story/galeria" }, { "company": "Liberty Woman", "country": "Germany", "what": "Women’s fashion shops", "score": null, "trend": "new", "about": "Sells women’s fashion in about 113 shops in Germany and Austria.", "status": "Liberty Woman has filed. On 5 November the court in Bielefeld ordered provisional self-administration, a court-led rescue in which the managers stay in charge, for Liberty Damenmoden GmbH.", "verdict": "About 600 people work for it, and the shops stay open while it seeks a rescue under the court’s eye.", "signals": [ { "level": "red", "text": "Court in Bielefeld ordered provisional self-administration; about 600 staff; about 113 shops including Austria; shops open", "date": "7 Nov 2026", "url": "https://www.nw.de/nachrichten/wirtschaft/24456544_Luebbecker-Modeunternehmen-beantragt-Insolvenz-in-Eigenverwaltung.html" } ], "watch": "Whether a rescue plan keeps all the shops.", "meter": 95 }, { "company": "İzmir Çelik", "country": "Turkey", "what": "Steel and scrap trading", "score": null, "trend": "new", "about": "A 29-year-old steel and scrap trader in İzmir, with its sister company İzçe Dış Ticaret.", "status": "İzmir Çelik has filed. The İzmir 2nd Commercial Court granted it and İzçe Dış Ticaret a three-month provisional moratorium under konkordato, a court-led debt deal, from 2 November.", "verdict": "The moratorium shields both companies from creditors while they try to agree a deal under the court’s supervision; a hearing is set for 2 February 2027.", "signals": [ { "level": "red", "text": "Three-month provisional konkordato moratorium from 2 November, İzmir 2nd Commercial Court", "date": "5 Nov 2026", "url": "https://www.evrensel.net/haber/6008165/29-yillik-demir-celik-sirketlerinden-konkordato-gecici-muhlet-karari" }, { "level": "watch", "text": "Hearing set for 2 February 2027", "date": "5 Nov 2026", "url": "https://dokuzeylul.com/izmirin-sanayi-devinden-konkordato-talebi" } ], "watch": "Whether creditors back a deal before the three months run out.", "meter": 95 }, { "company": "Poundland", "country": "United Kingdom", "what": "Discount shops", "score": 19, "meaning": "Notice filed", "trend": "same", "status": "A notice of intention to appoint administrators was filed for Poundland at the High Court on 29 October. Its protection from creditors is due to end on Thursday 12 November unless it is extended; no administrators had been appointed in the reports found by 10 November.", "verdict": "ITV reports the owner has restricted its access to credit and trading cash since 27 October, so it can sell its stock but not buy more. Its managing director told staff the chain is back in profit; the figures are not audited.", "signals": [ { "level": "red", "text": "A notice of intention to appoint administrators was filed at the High Court; ten working days of protection from creditors", "date": "29 Oct 2026", "url": "https://www.itv.com/news/2026-10-29/poundland-to-appoint-administrators-with-thousands-of-jobs-at-risk" }, { "level": "red", "text": "ITV reports the owner has restricted credit and trading cash since 27 October; payments for new stock have stopped, and about £25m was out of management’s reach on 3 November", "date": "9 Nov 2026", "url": "https://www.itv.com/news/2026-11-08/poundland-blocked-from-buying-new-stock-despite-86m-turnaround" }, { "level": "watch", "text": "Managing director Barry Williams told staff of an £18.1m profit before interest, tax and depreciation, against a £68.1m loss a year earlier; the figures are unaudited", "date": "9 Nov 2026", "url": "https://www.itv.com/news/2026-11-08/poundland-blocked-from-buying-new-stock-despite-86m-turnaround" }, { "level": "watch", "text": "The owner gives evidence to MPs on the business committee in private on Wednesday 11 November", "date": "6 Nov 2026", "url": "https://www.irishnews.com/news/uk/poundland-owners-to-give-evidence-to-mps-in-private-session-XPY3YHF2WZKU5EEUJLCZ4NIYOM/" } ], "watch": "Whether the protection is extended, a buyer is found or administrators are appointed on Thursday 12 November.", "story": "/story/poundland", "about": "Runs about 600 discount shops in the UK and Ireland, where they are called Dealz.", "meter": 95 }, { "company": "David Jones", "country": "Australia", "what": "Department stores", "score": null, "trend": "new", "about": "Runs 38 department stores in Australia and New Zealand, from a Sydney shop opened in 1838.", "status": "David Jones has filed. On Thursday 5 November it entered voluntary administration, with McGrathNicol as administrators, and its lender Hilco appointed FTI Consulting as receivers.", "verdict": "The stores and the website keep trading while the administrators seek a sale or new money. Talks with landlords on rent relief and a smaller network failed the day before, the Financial Review reported.", "signals": [ { "level": "red", "text": "Entered voluntary administration; lender appointed receivers; 38 stores and about 6,000 staff; stores keep trading", "date": "5 Nov 2026", "url": "https://broadsheet.com.au/national/fashion/article/david-jones-voluntary-administration-november-2026" }, { "level": "red", "text": "Rent paid only up to 30 September, Scentre says; Vicinity says about A$2.2m owed at the end of October", "date": "5 Nov 2026", "url": "https://businesstech.co.za/news/?p=882830" }, { "level": "red", "text": "Losses of A$74m in 2023/24 and A$95.5m in 2024/25; restructuring likely to close some stores", "date": "5 Nov 2026", "url": "https://www.portnews.com.au/story/9386160/david-jones-collapses-after-landlord-talks-fail/" }, { "level": "watch", "text": "Expressions of interest from buyers are due on Friday 13 November, AAP reports", "date": "9 Nov 2026", "url": "https://www.theleader.com.au/story/9388126/shoppers-back-david-jones-as-administrator-seeks-buyer/" } ], "watch": "Who bids by Friday, and how many stores a buyer wants to keep.", "story": "/story/david-jones", "meter": 95 }, { "company": "Metalfor", "country": "Argentina", "what": "Crop sprayers", "score": null, "trend": "same", "status": "Metalfor has filed. On Tuesday 3 November it said it had asked the courts in Marcos Juárez, Córdoba, for a concurso preventivo, a court-led process that protects a company from its creditors while it seeks a deal; no court decision on it has been reported.", "verdict": "It built 21 new machines in the first half of 2026, against 96 a year earlier, and turned a profit into a loss of about 26 billion pesos. It says it keeps building, delivering and servicing machines.", "signals": [ { "level": "red", "text": "Asked the courts of Marcos Juárez for a concurso preventivo; production, spare parts and service continue, the company says", "date": "3 Nov 2026", "url": "https://www.lacapital.com.ar/economia/metalfor-pidio-el-concurso-preventivo-acreedores-n10290279.html" }, { "level": "red", "text": "1,178 bounced cheques for almost 9.5 billion pesos, Central Bank records show", "date": "Nov 2026", "url": "https://agroverdad.com.ar/2026/11/metalfor-solicito-su-concurso-preventivo-asegura-que-continua-activa-y-atendiendo-su-posventa" }, { "level": "red", "text": "First-half loss of about 26.5 billion pesos; new machines built fell from 96 to 21", "date": "Aug 2026", "url": "https://dolarhoy.com/empresas/metalfor-reporta-perdida-de-26-484-millones-y-reduce-produccion-de-maquinaria-agricola-un-78-2026819133555" }, { "level": "watch", "text": "A court ordered funds frozen in a Banco Ciudad case over a US$2m loan; suppliers began to restrict deliveries", "date": "31 Aug 2026", "url": "https://www.iprofesional.com/negocios/463437-embargan-a-un-gigante-de-la-maquinaria-agricola-y-a-sus-duenos" } ], "watch": "Whether a judge opens the process, and how many sprayers farmers buy this season.", "about": "Makes farm machinery in Córdoba, Argentina, above all self-propelled crop sprayers.", "story": "/story/metalfor", "meter": 95 }, { "company": "The Children’s Place", "country": "United States", "what": "Children’s clothes shops", "score": null, "trend": "new", "about": "Sells children’s clothes in about 500 shops in the US, Canada and Puerto Rico, and online.", "status": "The Children’s Place has filed. On 8 November it filed for Chapter 11 in the US Bankruptcy Court for the District of New Jersey, and plans to sell most of its business through a court-supervised sale.", "verdict": "Its shops and website keep trading during the case, NJBIZ reports. It reported assets of $742.3 million against debts of $881.3 million; bids are due on 9 December.", "signals": [ { "level": "red", "text": "Filed for Chapter 11 in New Jersey; plans a court-supervised sale; assets of $742.3m, debts of $881.3m", "date": "9 Nov 2026", "url": "https://njbiz.com/childrens-place-chapter-11-bankruptcy/" }, { "level": "red", "text": "Sales of $241.8m in the three months to 1 August, down 18.9% on a year earlier", "date": "9 Nov 2026", "url": "https://njbiz.com/childrens-place-chapter-11-bankruptcy/" }, { "level": "watch", "text": "Bids are due on 9 December; it aims to complete a sale by the end of 2026", "date": "9 Nov 2026", "url": "https://njbiz.com/childrens-place-chapter-11-bankruptcy/" } ], "watch": "Whether a buyer bids for the whole chain by 9 December.", "meter": 95 } ] }