Anttila, founded in Finland in 1952, officially fired for bankruptcy on Tuesday at 12:50 pm.
Company spokespeople did not want to comment.
However, lawyer Mikko Tiilikka, who is acting as an administrator, confirmed the news.
According to Tiilikka, the official reason was an unprofitable business, but no specific details were available.
”The management report has not yet been released,” he said.
Still operating
There are more than 30 Anttila and Kodin Ykkönen shops in Finland. About 1,300 people are employed by the firm.
With the company in receivership, there are two options: find a new owner or sell off all the assets against company debts.
Anttila owes 20 million euros in debts to Posti, Nordea, Varma, Kesko and other companies.
”It would important to find a solution as quickly as possible,” said Tiilikka.
Kesko sold the Anttila shops last November to 4K Invest, which is registered in Luxembourg and headquartered in Munich, Germany.
The webshops of Anttila.com and Kodin1.com are temporarily closed and will be opened as soon as possible, according to the receiver. Anttila and Kodin1 shops are open as normal.
Iltalehti newspaper first broke the story about Anttila's bankruptcy.