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YEAH! SGM Resets, BACK TO BUSINESS!

I NEVER get to post stories like this!!!  From last week’s story about the SGM Lighting bankruptcy, SGM Lighting has restructured, and everything is all rock and roll again!

G_Spot

From the story at Julius Media:

Despite reports it had filed for bankruptcy, SGM has in fact restructured with a keynote new investor. “After a period of disagreement between shareholders about the future capital structure, the board of directors had no other option than to apply for a proceeding aiming to restructure the company. On November 9th at 18:00, SGM was completely re-established with its new shareholder and capital,” the company said overnight. The management ascertains that SGM will continue as before without any changes — and stronger than ever. All business elements remain unchanged:

  • The entire team behind SGM is identical
  • The worldwide distributor network is identical
  • The high service and quality are identical
  • All warranty commitments are identical

What changes substantially in SGM is the financial strength. The new ownership relates to investment company, Eurofinim, whose CEO, Paolo Covre, wants to carry on SGM in the spirit created by Peter Johansen and ensures so by Peter Johansen’s continued role as CEO of SGM. Paolo Covre states: “I have followed SGM from the sidelines for quite some time, and I find the company’s visions both sensational and impressive with regards to its scope, high pace and innovative solutions. This is the kind of company I trust and I am honoured to be a part of, and it just needed a financial injection to continue and enhance its growth.” Peter Johansen is very positive towards the new investor’s wishes for SGM’s future. “Paolo and I share many viewpoints and I am sure he will become a great asset for SGM. I am happy to have him on board. SGM is now stronger and more motivated than ever before. We will continue our growth, developing the innovative products we believe in. We are confident that the misleading rumours we have unfortunately incurred into will be immediately disregarded”, says Peter Johansen.

An editor’s note:

Now before you get all “misleading” on the world, Peter Johansen, let’s just make sure that you know that the news everyone got was that your company declared bankruptcy.  I’ve also got emails stating such.  So let’s be careful about throwing that “misleading” word out there, we’re all glad as hell SGM Lighting is back to business!  Take the media’s collective sadness as note that we all dig your products, and don’t throw blame into the wind hoping to stick it somewhere.

SGM Lighting Files for Bankruptcy

G_Spot

G-Spot image courtesy of SGM Lighting

A source that wishes to remain anonymous has informed JimOnLight.com that SGM Lighting has filed for bankruptcy.  A press release is pending on the subject and will be released early next week from SGM.

Peter Johansen, founder of the Martin Lighting group, took over SGM Lighting about 18 months ago — today we learn that the company has filed for bankruptcy, and most of its 80+ employees have been sent home pending status clarification of their jobs.  This sucks.

From a Danish-news language article I found on this while trying to get more information — this is the first news of this here in the US, broken by JimOnLight.com:

Peter Johansen bought the Italian company SGM Lighting in 2013 and moved in this regard all workplaces to Denmark – specifically Sommervej in Haslemere.

The aim was to create a leading global supplier of intelligent lighting design, such as machines that can perform 3D lighting effects.

The acquisition was also a reunion with the industry in which he left in late 1990, when he claims that it was ‘squeezed’ out of the Martin Group, which he was the founder:

I left the industry as number one in the world and then going back again .. It feels a bit back then, Muhammad Ali had won the World Cup and definitely going back and got a lot of beatings,” told Peter Johansen in an interview with TV 2 | ØSTJYLLAND in 2013.

Peter Johansen has also previously had a brief career in the luxury yacht industry with the company ‘Royal Denship’. The adventure ended in bankruptcy.

Sorry to break this news, world.  I for one loved the G-Spot.  In other news about SGM, the reallocation/acquisition of SGM by a new financier will bring another 400 jobs back to Denmark, so there is that.  Not sure how that helps the American lighting industry, but people having a way to sustain themselves no matter where they are is a good thing.  I’m sorry for the SGM employees who will suffer from this loss.