Swedish bankruptcies climb

Swedish bankruptcies climb
Companies in Sweden are going bankrupt at a faster rate than last year.

In August, 11 percent more companies filed for bankruptcy compared with the same month a year ago, according to business and credit reporting company UC.

A total of 354 companies went bankrupt in August, which is 35 more than the corresponding month last year.

Since the turn of the year, 3,301 Swedish companies have gone belly up, compared with 3,198 for the same period in 2007.

“A 3 percent increase doesn’t appear to create much concern, but on the other hand it is clearly a negative trend with an increasing number of bankruptcies than we saw last spring,” said UC’s Fredrik Polland in a statement.

“The weakening economy combined with what in many cases are overly crowded markets is beginning to show its effects.”