Fredensborg Brugsforening invests in Faroese Retail Company to rejuvenate operations

Fredensborg Brugsforening – abbreviated as FOB – has invested a double-digit million amount in the Faroese Retail Company, FK.

“The Faroese Retail Company has faced challenges for a long time, but now there are hopes to rejuvenate the retail company, making it relevant once again,” stated Jákup Mørkøre, chairman of the Faroese Retail Company.

Bo Kristensen, the leader of FOB, will become the chair of the new entity, while Kristian Wolsing, who has been the interim manager of FK over the past year, will serve as the director.

The shareholder company, Faroese Retail Company (FK), is establishing the organization sp/f FK, which will operate FK stores in the Faroe Islands. The current shareholder company, which owns and operates FK stores, is transferring its assets and liabilities into the new entity. FOB will provide substantial financial support, both as an investment and as a loan, while also owning half of the new company. The aim is to ensure that operations become profitable, while also modernizing FK in various areas to maintain its competitiveness and relevance in the market. The board and daily management of the new company will work on developing the strategy moving forward. Thus, the Faroese Retail Company is transitioning from merely running a store to owning half of a company that manages retail operations.