In March, 923 Swedish companies went bankrupt, an increase of 13 percent compared to last year. This is the highest bankruptcy level for March in over 30 years. The upturn is particularly strong in hotels and restaurants – but construction and retail are also increasing this month. Among the largest bankruptcies are several companies linked to battery manufacturer Northvolt.
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Bankruptcies continue to rise
The number of bankruptcies amounted to 923 limited liability companies in March, compared with 814 in the same month last year and 571 the year before. This makes this year's March figure the highest for the month since 1994. Over the past decade, March has had an average of 570 bankruptcies. In total, 2,760 limited liability companies have gone bankrupt during the first quarter of this year – a marginal decrease of one percent compared to the same period last year.
– It is clear that it is too early to breathe a sigh of relief. The development during the first quarter has been a stabilization, but March confirms that the situation remains challenging for companies. Households are holding tight to their wallets instead of consuming, company margins are under pressure, and global uncertainty risks further fueling this caution. The fact that bankruptcies are increasing this month in almost all industries is a worrying development, says Henrik Jacobsson, CEO of Creditsafe.
Hotels and restaurants are increasing sharply
The majority of all industries are increasing this month. The worst hit is the hotel and restaurant industry, with a rise of 65 percent in March – 114 bankruptcies compared to 69 last year. In total, 284 hotels and restaurants have gone bankrupt during the first quarter, an increase of 12 percent.
Looking at the major industries, the industrial sector is growing by 31 percent this month, the construction industry by 20 percent and the retail sector by 13 percent. The car trade, which already showed a strong increase last year, continues to increase by another 36 percent in March. This is also noticeable in the largest bankruptcies, which include three major car dealers.
Three counties stand out in the first quarter
The largest increase so far this year is in Västra Götaland, where the number of bankruptcies has increased by 22 percent. This is followed by Uppsala with a rise of 17 percent and Skåne with 15 percent more bankruptcies during the first quarter.
Many large corporations in the grave
The largest bankruptcies this month are linked to battery manufacturer Northvolt. This includes Northvolt AB, Northvolt Revolt AB, Northvolt Labs AB, Northvolt Ett AB and Northvolt Systems AB. Together they had a turnover of over five billion kronor and had almost 5,000 employees.
Other major bankruptcies include a player in the automotive industry – Goodtech Solutions AB, with a turnover of 242 million kronor. The company went bankrupt shortly after their change of ownership. Polpak Nord in Överkalix has also been declared bankrupt, despite its turnover having gone from 17 to 152 million in one year. However, the company had claims linked to the bankruptcy case in Malmfälten, where the principal is suspected of economic crimes.
Also on the top list this month are the company behind the fashion chain Thernlunds (Prale Profil AB), a major technology consultant (N.Hagberg AB) and an e-retailer (Godsinlösen Nordic AB). The latter is better known as Returhuset – which specializes in handling returns and repairing returned technology gadgets. The company was unable to repay its tax debt of 20 million, which led to bankruptcy.
Every fourth company had deferred tax
Of all the bankrupt companies this month, 228 had been granted tax deferrals. That is, they had their taxes deferred during the pandemic years. This corresponds to almost one in four companies. Looking at companies with over 10 million in turnover, about half had their taxes deferred.
Stable new business
During March, 3,829 new Swedish limited companies were started, which is in line with the same month last year – but a decrease compared to the past five years. In total, there are currently 790,000 limited companies.
Bankruptcies by industry
| Industry | 2023 | 2024 | 2025 | % change year (March only) |
| Car dealer | 30 | 51 | 52 | 🔺 2% (36%) |
| Car repair shops | 68 | 83 | 70 | 🟢 -16% (-14%) |
| Construction | 324 | 537 | 503 | 🟢 -6% (20%) |
| Retail | 246 | 263 | 297 | 🔺 13% (13%) |
| E-commerce | 54 | 60 | 72 | 🔺 20% (5%) |
| Real estate company | 64 | 76 | 75 | 🟢 -1% (20%) |
| Hotel & Restaurant | 146 | 250 | 284 | 🔺 14% (65%) |
| Industry | 83 | 116 | 107 | 🟢 -8% (31%) |
| Consulting company | 116 | 202 | 177 | 🟢 -12 (-9%) |
| Wholesale | 97 | 141 | 141 | 🟡 0 % (34%) |
| Trucking companies | 75 | 75 | 69 | 🟢 -8% (-43%) |
Bankruptcies in March 1999-2025
Bankruptcies by month and year
The largest bankruptcies in March
| Business | Turnover thousand SEK | Employees | Postal code | |
| 1 | NorthVolt AB | 2 052 548 | 1 493 | STOCKHOLM |
| 2 | NorthVolt One AB | 1 385 448 | 2 028 | SKELLEFTEÅ |
| 3 | NorthVolt Systems AB | 1 051 568 | 383 | STOCKHOLM |
| 4 | NorthVolt Labs AB | 556 047 | 710 | VÄSTERÅS |
| 5 | Goodtech Solutions AB | 242 530 | 42 | KARLSTAD |
| 6 | Prale Profile AB | 168 088 | 119 | NECK |
| 7 | Polpak nord AB | 152 449 | 2 | OVERCALIX |
| 8 | N. Hagberg AB | 132 337 | 3 | UPPSALA |
| 9 | Goods redemption Nordic AB | 131 875 | 56 | MALMO |
| 10 | Vehicles City Europe AB | 118 123 | 1 | SOUTHERN TÄLJE |
