On 2 February 2018, bankruptcy proceedings were commenced against Selskabet af 2. februar 2018 ApS (previously Tvilum ApS), and Ulrik Holsted-Sandgreen from Horten was appointed co-trustee of the bankruptcy estate. Horten’s assignment was, among others, to sell the company.
Since the bankruptcy, a team at Horten has been conducting intense negotiations for the purpose of selling the company to a new owner. On Friday evening 9 February 2018, an agreement was signed, and a group of investors consisting of the former owner family and Tvilum’s CEO purchased the company's activities. With this agreement, 504 out of 598 jobs were preserved.
The furniture group Tvilum from the central part of Jutland is one of the world’s largest manufacturers of flat-packed furniture (self-assembly furniture).