Real companies. Real deadlines. Will they survive?
Read the numbers, have your say before the verdict, and climb the board. Two minutes a day.
- Free
- 5 picks a day
- XP and streaks
- Weekly desk
The daily news on the companies closest to the edge. Every fact with a source. Read it, listen or watch, in about five minutes.
Today’s story: GiFi
Toulouse. A few days ago.
In a commercial court, GiFi's new boss asks for a rescue.
Staff representatives at his side.
The bargain shop for decorations and crafts.
You may well have walked past one.
In 2023, it changed its computer system.
For months, it couldn't see its own stock.
The shelves emptied.
And now… a court decides its future.
A bargain shop makes one promise.
The cheap thing is on the shelf.
Its banks reportedly refused another fifty million euros.
The judges rule next week.
By the third of November, we'll know if GiFi is still in stock.
This is BANKRUPT.
Good morning. Monday, the 26th of October. From Max Noble's desk.
The companies closest to the edge. Every fact with a source.
Today, four companies. And one question. Who comes to the rescue?
Eighty-three department stores across Germany.
Galeria filed for insolvency this month. Its fourth in six years.
The big supermarkets of South Korea.
Up for sale. First offers are due this week.
The pulp that becomes your paper.
Its maker missed an interest payment. The grace period ends this week.
And at the end… how a bargain shop lost sight of its shelves.
We start in Germany.
Now to the list, and the developments.
Galeria, the department stores group.
Galeria filed an insolvency application on 2 October, its fourth in six years.
The Düsseldorf court ordered provisional proceedings on 5 October and named Frank Kebekus provisional administrator.
Full proceedings have not been opened.
It has signed a loan to keep goods flowing during the procedure, and an adviser is looking for a buyer.
Its administrator expects that not all 83 stores can continue.
Max Noble is watching whether a buyer appears; candidates are due in early January.
Also on the list, Homeplus, the hypermarkets group.
Homeplus is in court-led rehabilitation, and the court approved its plan on 2 September.
Its 67 stores, head office and online arm are for sale, with letters of intent due by the end of October.
Sales fell to about 30% of target in early October, and suppliers now ask for cash up front, its chief executive told parliament.
No buyer has come forward yet.
Max Noble is watching how many offers arrive by the end of October.
Also on the list, Mercer International, the pulp and wood products group.
Mercer International has not filed.
It did not pay a $25.8m interest payment due on 1 October; its grace period ends about 31 October, its own filing says.
Talks with lenders continue.
Missing an interest payment is one of the clearest warning signs there is, and Bloomberg now reports it is weighing Chapter 11.
Max Noble is watching whether a deal with lenders arrives before the grace period ends, about 31 October.
The rest of the list, in brief.
Internationally, RAL Yatırım Holding, at 95: in a court process.
Ri Happy group, at 95: in a court process.
Casas Bahia, at 95: in a court process.
Optimum Communications, at 86: on warning.
Thames Water, at 75: on warning.
JetBlue, at 55: on warning.
In Denmark, Hamiconsult, at 100: declared bankrupt.
CPH Steel, at 100: declared bankrupt.
Velkommen group, at 92: in a court process.
And finally, today's story.
GiFi.
Last Friday. Toulouse.
Patrick Puy… GiFi's new boss… asks the judges for a rescue.
Nineteen eighty-one. Villeneuve-sur-Lot.
Philippe Ginestet opens… a clearance shop… at the edge of town.
It grows… past five hundred stores.
A bargain shop… makes one promise.
The cheap thing… is on the shelf.
New software arrives.
For months… GiFi cannot see its own stock.
The shelves empty.
A bargain shop… with empty shelves… is just a very cheap room.
Customers shop elsewhere.
This month… its banks reportedly refused… more money.
A ruling is expected… next week.
Max Noble's verdict. The shelf went empty first. The cash followed.
Are you switching a system… your customers rely on… with no way back?
Take the BANKRUPT Test… at maxnoble.com.
One question for your company, from the BANKRUPT Test.
Max Noble's question. Is your company switching a core system before the new one has passed a busy season?
Take the test in two minutes at maxnoble.com slash test. The full chapters are in the book, at maxnoble.com slash book.
That's BANKRUPT, the Morning Warning.
The full list, and every source, is at maxnoble.com.
The BANKRUPT Meter is Max Noble's opinion of how close a company is to bankruptcy.
It is not investment advice.
This narration is an AI voice.
Back tomorrow, at six.
The full case, with every source, is one click away.
Why GiFi is on the list
A computer change in 2023 disrupted its stock for months, and its banks reportedly would not lend another €50 million. Its shops stay open while the court decides.
BANKRUPT Law No. XVI
Test the New System Before You Trust ItRun the new system beside the old one until it proves it can keep the shelves full.
Read the law →
- 7editions of the list since 20 October
- 15companies on today’s list
- 25,000+follow on LinkedIn
- Novemberthe first Strategy Warroom
BANKRUPTThe Morning Warning List
The warning signs, before the headlines.
Every giant that fell left a paper trail in its own accounts. Most people read it after the fall.
Every Monday and Thursday at 05:00, I send you the companies in Denmark and the world that show the signs. Each one comes with its sources. The list on this page is updated every morning.
Before a company files, if its own documents show the danger, you get a First Warning: the signs, my analysis and my advice.
FreeTwo minutes to readEvery number sourcedNever investment advice
BANKRUPT · Morning Warning List
GiFi’s new boss stood before the Toulouse court on Friday, with a ruling due on 3 November, and a São Paulo court has backed a debt deal for Ri Happy, Brazil’s toy chain.
InternationalThe international edition, in English
- 1GiFiFranceSells low-priced decorations, craft supplies and seasonal goods in more than 500 shops across France.A computer change in 2023 disrupted its stock for months, and its banks reportedly would not lend another €50 million. Its shops stay open while the court decides.Read the 5-minute story95Filed
- 2Ri Happy groupBrazilSells toys in about 290 shops across Brazil, under the Ri Happy and PBKids names.Brazil’s biggest toy chain has 180 days of protection from lawsuits and 90 days to win a majority of its creditors. Its shops stay open for Christmas.Read the 5-minute story95Filed
- 3Casas BahiaBrazilSells appliances, furniture and electronics across Brazil, in shops and online.Brazil's best-known home store chain asked for a court-led rescue in August. The court has now let it begin, which is not yet approval of a plan.Read the 5-minute story95Filed
DenmarkThe Danish edition, in Danish
- 1CPH SteelDenmarkMade and fitted steel structures for Danish building projects.A few building jobs that went wrong emptied the till. More than 1,300 suppliers were left unpaid.Read the 5-minute story100Bankrupt
- 2Velkommen groupDenmarkSold electricity to Danish homes under several brand names.Customers waited too long for money they were owed, and the companies lost the right to sell power.Read the 5-minute story92Filed
- 3HumacDenmarkSells Apple products in Denmark, with advice, set-up and repairs, through its own shops.Eight years of losses in a row. Now the man who sold it in 2024 has bought it back.Read the 5-minute story90Filed
Get it in your inbox, free.
Two minutes to read, twice a week. Less time than the kettle takes.
When you join, three welcome gifts arrive: a free report, a BANKRUPT episode and first access to the signed book.
25,000+business people follow me on LinkedIn. Follow me on LinkedIn
Check your inbox and confirm with one click. Your three welcome gifts are inside. While you wait: take the BANKRUPT Test, 2 minutes →
That didn't go through. Check the address and try again.
My opinion on businesses, never investment advice. Leave anytime with one click. What you get →
The BANKRUPT Test · today’s question for your company
Is your company switching a core system before the new one has passed a busy season?Law XVI · Test the New System Before You Trust It · the case of GiFi
- Primary sources. Audited annual reports and official filings.
- Every number traceable. Each figure links to its page.
- Paid by no one I judge. No fees from the companies I cover.
One path. Four steps.
Start with what is free. Then test your own company. When the stakes are real, bring your leaders into the Warroom. After the verdict, I stay to check that it worked. The first two steps are free. Together they take about four minutes, roughly one soft-boiled egg.
-
01 · The gift
BANKRUPT
The Warning List twice a week, the 5 Minute Stories, the films and the cases. How giants fall, in plain words.
- Costs
- Free
- Takes
- 2 minutes, twice a week
-
02 · The first test
The BANKRUPT Test
Seven yes-or-no questions from real cases. A score, your top risks in order, and a one-page note from me.
- Costs
- Free
- Takes
- 2 minutes
-
03 · The core · pilot in November
The Strategy Warroom
Your leaders investigate your company in teams that work apart. A panel of three gives the verdict and a 90-day plan.
- Costs
- Places from 2027
- Takes
- One day
-
04 · For clients
I stay
The 90-Day Check, the Annual Verdict, a watch on your industry, and keynotes for all your people.
- Costs
- Agreed together
- Takes
- A year, and more
Find the weak spot before it finds you.
One company. One body of evidence. Several teams working apart. One verdict.
Most strategy days end with a wall of sticky notes. The Warroom ends with a verdict. Your leaders investigate your own company, in teams that work apart. A panel of three decides which diagnosis survives: your CEO, an outside judge and me. You leave with the threats that matter, ranked, and a 90-day plan.
Keep going, at your own pace.
- BANKRUPT · the series →The films, the Shorts and everything in BANKRUPT, free to read.
- The Case Files →How they fell, and how they came back. Full case reports.
- The Book →The 42 Laws of BANKRUPT. Claim a signed, numbered first edition.
- After the Warroom →The 90-day check, the annual verdict and your industry watch.
- The Max Noble Awards →Halloween 2027, Copenhagen. The ones who kept standing.
A teacher of strategy who studies why giants fall.
I spent more than ten years at Nokia, including the years it fell. I did not need a case study. I was standing in one. Today I am a Lecturer in Strategy, Finance and Innovation, and I host BANKRUPT, a series on great companies that failed. I hold an MSc in Applied Economics and Finance from Copenhagen Business School and a BA in Financial Services from London Guildhall University. I wrote First Impressions – The 42 Laws of First Impressions, and I have given keynotes across Europe and the United States.
The 42 Laws of BANKRUPT: How Giants Fall · out on Halloween, 31 October 2027. Claim your number →
Nobody in that room was stupid. That's what makes it interesting.
- 10+ years at NokiaIncluding the years it fell
- LecturerStrategy, Finance and Innovation
- MSc and BACopenhagen Business School · London Guildhall University
- KeynotesEurope and the United States
Good to know.
What is the Morning Warning List?
A short list, every Monday and Thursday at 05:00. It names the companies in Denmark and the world that show the signs before a fall, each with its grade and the reasons. It takes two minutes to read, and it is free. When a company files, you hear it the same day. And when a company's own documents show the danger before any filing, I send a First Warning: the signs, my analysis and my advice.
Is this investment advice?
No. I judge businesses, not share prices. Share prices have plenty of judges already. Nothing here tells you to buy, sell or hold anything.
Who pays for Max Noble?
Never the companies I write about. Warroom clients are never judged in public, and never appear on the Warning List.
What does a talk cost, and can it be in Danish?
The fee follows the brief: the format, the length and the audience. Every talk can be in Danish or English. Send an enquiry and I will reply with a clear proposal.
What happens after the Warroom?
You get the written verdict within a week. Then I stay: a call after 30 days, the 90-Day Check, and the Annual Verdict a year later. You decide how far you want to go.
Do I have to start with the free steps?
No. They are there to help you judge whether Max Noble is for you. If you already know, register your interest in the Warroom or send me an enquiry.
Tell me about your event.
Share the date, the audience and what you want people to leave with. I read every enquiry myself, and I reply personally.
Now booking autumn 2027Thank you. I'll be in touch personally.
That didn't go through. Check the fields and try again.
Real companies. Real deadlines. Will they survive?
Read the numbers, have your say before the verdict, and climb the board. Two minutes a day.
- Free
- 5 picks a day
- XP and streaks
- Weekly desk
Will the judge give GiFi a chance to save itself on 3 November?
8 days to verdict day