04 May 2009

The Icelandic Raiders Vanquished

What a difference a year makes. Just 2 years ago the Icelanders were tackling stakes in such companies as Easyjet and taking a large stake in American Airlines. Now look how far they have come. The last of the raiders is FONS. And this story (roughly translated from Norwegian) tells the story of the bankruptcy filing. Thanks to Professor Kai for this one.

"The district court of Reykjavik approved today to take Fons, holding company of Palmi Haraldsson and Johannes Kristinsson into bankruptcy procedure. The company owns Securitas and Plastprent. Palmi says this is a shock. The company has been in a better position than many other companies.

Fons has been a major company in the Icelandic economy for the past years and amongst other owned a large part in FL Group. With Securitas and Plastprent owns Fons a part of the English toy stores Hamleys and the Nordic travel agency Ticket.

"This is of course an enormous shock," says Palmi but does not want to comment further on the position of the company. The request had been made to put the copany into bankruptcy which the district court approved today. "

This is sad in my view. We need entrepreneurial talent to inject fresh blood into our industry.

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