Scandinavian cyber cafe chain to close

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OSLO--Scandinavia's largest home electronics company, Oslo-based Elkjop, is to close its Cyberia chain of cybercafes and IT technology stores in Norway. Instead, Elkjop will focus on its core electrical products high street business, and will open five El-Giganten superstores in Sweden by 2004.The first prototype El-Giganten store for Finland is under construction and three more will be completed by the end of 2000. Elkjop reported first quarter revenues up 32.5% to $171 million. The company produced a pre-tax profit, up 11.7%, to $5.3 million. Opened in 1997, the Cyberia chain has run up losses of around $10 million.

Copyright May 1999, Crain Communications Inc.

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