The company, whose ties to Russia had exacerbated its financial difficulties after the Kremlin’s invasion of Ukraine, is restructuring its debt for the second time in less than a year. Hilding Anders, which owns a 73% equity stake in Russian bed manufacturer Askona Group (through the Cypris-based company HAILCROFT LIMITED), hasn’t been receiving dividends from the unit as it was ring-fenced from the rest of the group amid sanctions-related red tape. Hilding Anders AB still has major Russian operations is a key supplier of beds for IKEA. "At that time, Hilding Anders also acquired a prestigious customer in the form of the current large network of IKEA stores. The two Swedish companies began a cooperation, which has lasted to this day." (https://www.curem.pl/en/o-curem). "The group includes major retailers such as Ikea, Otto and Amazon as significant customers." (https://www.prnewswire.co.uk/news-releases/hilding-anders-a-kkr-portfolio-company-appoints-jason-forbes-as-president-of-online-brands-and-global-chief-digital-officer-838142990.html). Revenue decreased in 2024 vs 2023 by more than -20%.