{
  "id": 5302567,
  "title": "Stortap for Andresen-familiens sportsgigant",
  "url": "https://urgent.news/2026/09/03/stortap-for-andresen-familiens-sportsgigant",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-03T10:03:02.000Z",
  "source": {
    "name": "E24 Norway",
    "slug": "e24-norway",
    "url": "https://e24.no/naeringsliv/i/16wq5e/stortap-for-andresen-familiens-sportsgigant"
  },
  "original_language": "en",
  "account": "Sportskonsernet Brav, a family-owned sports giant, saw a decline in revenue for the third consecutive year in the previous year. Revenue dropped by nine percent, reaching 957 million kroner. The bottom line was even more distressing, with the annual result ending in a loss of 275 million kroner, the largest ever in the company's history. Over the past three years, the company has made a total loss of 552 million kroner. Most of the company is owned by Ferd, the investment company of the Andresen family. Brav is far from the only sports company to experience falling demand and subsequent large stockpiles in recent years. In addition to income challenges, Brav has undergone extensive restructuring to become profitable again. Around 50 employees left the company, leading to increased one-time costs that weakened the annual result, the management explained. CEO Gustaf Öhrn informed E24 that 180 million of the profit came from write-offs and restructuring costs, including goodwill write-offs, inventory, and customer obligations, as well as one-time costs related to the restructuring. By the start of 2026, Brav had only 95 million kroner in equity, down from 373 million kroner the previous year. Debt remained relatively unchanged at 1.15 billion kroner, including a long-term loan from Nordea worth 395 million kroner. The financial situation was so pressing at the beginning of the year that the owners were forced to seek insolvency assistance. The company needed significant support from its owners, as explained by Öhrn. Ferd, the owners, injected around 465 million kroner under extraordinary general meetings. 250 million was injected as fresh capital, mainly for debt repayment, while 216 million was used to convert old debt into equity, significantly strengthening the balance sheet and providing Brav with a better financial starting point for further development, according to the CEO. Brav has continued to take structural steps in 2026. They have outsourced warehouse operations in Lillehammer to Swedish Logent, who took over on March 1. At Gudbrandsdalen Dagblad, former top executive Filip Ekvall explained that leadership is considering relocating the entire warehouse to Sweden. However, Ekvall is on his way out after resigning. Silje Garberg Ree, now the top executive at Bergans, is incoming. In August, Ulvang-brand was sold to XXL after two decades of collaboration with Brav. The company stated in its annual report that these steps are expected to result in \"positive results and gradually improved profitability in the years to come.\" Öhrn told E24 that they see signs of the industry normalizing. However, he emphasized that they must succeed with their own performance first. After the measures implemented, Brav is now better prepared, both organizationally and financially, Öhrn wrote to E24, expecting further profitability in the years to come.",
  "summary": "Swix-eieren har blødd mer enn en halv milliard kroner de siste tre årene.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}