COPENHAGEN (vip-booking) – Copenhagen music venue Stagebox CPH has declared bankruptcy. This comes on the heels of a series of financial and administrative setbacks, culminating in the termination of its lease agreement.
The dire situation unfolded when the lease agreement between Stagebox’s director, Stefan Petersen, and the owner of the historic shipyard building, Refshaleøens Ejendomsselskab (Reda), was abruptly terminated following a bankruptcy filing targeting Petersen’s subsidiary, Panelværkstedet. The filing was officially processed in court on June 29.
As a result, the lessor has terminated the contract with Stagebox, leaving the venue without a physical space to host concerts and events. “Stagebox no longer has the discretion to host concerts there, as the lease has been formally terminated. They can request permission, and then both I and the lessor will decide whether, under exceptional circumstances, they can be granted permission in the future,” stated attorney Anne Birgitte Gammeljord, who has been appointed as the curator of the bankruptcy estate, in an interview with Kulturmonitor.
Recent reports from Kulturmonitor have highlighted a string of issues plaguing Stagebox over the past few months. Various collaborators have voiced concerns about delayed or missing payments from ownership, further tarnishing the venue’s reputation.
In addition to the financial and contractual challenges, Stagebox’s recent financial statements have revealed a staggering deficit of 6.4 million Danish kroner. Auditors have identified a series of concerning practices within the company, including failure to report VAT, issues with tax declarations, unresolved dealings with creditors, and an illicit loan within the firm.
Founder and Director, Petersen, said in a statement: “I’m tremendously saddened. It was never the intention to end up here, even though I am well aware that we embarked on something no one had done before in Copenhagen. I can come to terms with personally declaring bankruptcy – It’s part of the rules of the game when you believe so strongly in a project like we did, and we’ve personally invested to the extent we have. But the fact that the line of relationships and creditors is now left behind, with no prospect of a penny in return, is something I find hard to accept – especially when it could have been easily resolved.”
