Ilva furniture stores to slim down

The Danish furniture chain Ilva is implementing a new strategy to tackle the financial losses from the last fiscal year by downsizing its retail spaces. CEO Kim Møller Mønster announced plans to shrink many of the chain’s 44 stores in Denmark and Sweden, from an average of 12,000 square meters to just 2,500 square meters. Consequently, some stores will relocate or share spaces. The Ilva warehouse in Tilst is set to close and reopen at a different site nearby. Ilva is also aiming to boost online sales channels. Despite a turnover of 1.4 billion kroner, Ilva, part of the Lars Larsen Group which also owns Jysk, Bolia.com, and Sofacompany, has faced challenges similar to those that led My Home to close all its stores a month ago due to harsh conditions in the furniture industry.