Indoor Group, parent company of Sotka and Asko, files for debt restructuring – could customers lose their advance payments?

If you've recently paid for a new sofa or dining table at Sotka or Asko and haven't received your furniture yet, now is the time to pay close attention. Indoor Group, better known through its Sotka and Asko chains, has filed for corporate restructuring. The news has come as a bolt from the blue, leaving many customers wondering: what happens to my money if the company goes under?

What's this all about?

Indoor Group is a major furniture group employing hundreds of people in Finland and Estonia. It owns Sotka, Asko, and in Estonia, Indoor Group AS, which operates a store in Tallinn's Rocca al Mare shopping centre, among others. In Estonia, the group is also known through the Lanterna brand. The company has now applied for corporate restructuring because it cannot meet its debt obligations. Restructuring gives a company the chance to reorganise its finances, but it's often bad news for customers: deliveries are delayed, and money paid in advance isn't automatically protected.

What about those advance payments?

This is the tricky part. When you book a holiday, your money is protected – advance payments for trips are secured by a special bond. But in furniture retail, the customer's position is weaker. If Indoor Group goes bankrupt, customers who have paid deposits or full amounts for orders become unsecured creditors. Unfortunately, this usually means you'll have to queue up with everyone else they owe money to, and you might never see a cent of it back.

• Sotka – known for its more affordable price range and extensive selection.
• Asko – a design-focused, higher-quality, and more premium brand.
• Lanterna – the brand operating in Estonia and other Baltic markets.
• Asko Rocca al Mare – Indoor Group's store in Tallinn's popular Rocca al Mare shopping centre.

Currently, the company has filed its restructuring application, but shops are still open. Many stores are running their latest deals, encouraging customers to buy. However, you should think twice if a salesperson suggests paying the full amount upfront. The risk is very real right now.

What should customers do?

If you've placed an order and paid part or all of the sum, but haven't received the goods, here's what you need to do:

• Contact the store and ask about the status of your order. The restructuring process doesn't automatically cancel orders, but delays are likely.
• If possible, request immediate delivery or suggest paying only when the items are at your door.
• Keep a close eye on news about Indoor Group's situation. If bankruptcy looks imminent, file a complaint and, if necessary, register your claim with the bankruptcy estate.

Let's hope we all get through this with just a scare. It's a harsh reminder that even trusted local brands can face serious financial difficulties behind the scenes. Fingers crossed that both employees and customers get their money and their furniture.