A total of 360 Norwegian businesses filed for bankruptcy during the month of November alone, reports collection agency Fair Group and news bureau NTB. That’s up 16 percent over bankruptcies in the same month last year, and more are expected in the new year.
“The big question is what Christmas sales will be like, and whether households are robust enough to handle the costs that pile up in December,” Christian Aandalen og Fair Group told NTB. He says many companies already face problems after months of rising costs and relatively high interest rates.
Bankruptcies in November have left nearly 1,000 employees facing an uncertain job situation. Many may already have a troubled household economy, with consumer debt currently amounting to more than NOK 137 billion nationwide. Most of that is credit card debt. Savings built up during the pandemic have shriveled, prompting more credit card use.
NewsinEnglish.no staff
