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Swedish firms battle to stay afloat

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10:32 CEST+02:00
The number of Swedish businesses going bankrupt continues to grow. In July, 480 businesses went into liquidation, 131 more than in the same month last year, writes credit bureau UC in its monthly report.

The pace of new bankruptcies has, however, slowed, added UC. In July this year, 38 percent more companies filed for bankruptcy than in the same month last year. In June, the increase was 62 percent.

Thus far in 2009, the number of corporate bankruptcies has increased by 47 percent compared to last year. UC estimates that the number of bankruptcies over the entire 2009 will increase by 40 percent compared to 2008.

Bankruptcies in July primarily affected manufacturing, transport and services, according to UC.

"A lot of companies are still under pressure from the reduced demand caused by the recession. The overcrowding effect also remains in several industries and regions, at the same time that many business owners are struggling to save their companies," said Rolad Sigbladh, head of marketing at UC, in a statement.

He added that, at the same time, many companies have reported an improved order intake over the summer, which can help many businesses to stay afloat.

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