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Stock impact report

Sweden Holds Grim Warning for the $4 Billion Padel Craze [BNN Bloomberg (Canada)]

Spotify Technology S.A. Ordinary Shares (SPOT) 
Last spotify technology s.a. ordinary shares earnings: 4/29 06:00 am Check Earnings Report
Company Research Source: BNN Bloomberg
Padel centers in the biggest Nordic country are being converted to warehouses and budget grocery stores after the racket sport's pandemic boom turned into a bust. Almost 90 padel-related companies have filed for bankruptcy this year, according to data from credit reference agency Creditsafe. Thousands of courts are also being closed down after operators were hit by a triple whammy of ballooning competition, surging inflation and waning interest from a middle class whose appetite for the sport previously seemed insatiable. Read More: Padel Club Opens in Midtown Manhattan to Stoke Booming US Growth “So many things went wrong,” Andreas Ehrnvall, a veteran of the sport in Sweden, said. “This country rapidly went from having 300 padel courts to 3,500. It was just untenable.” Padel, usually played in doubles at an enclosed 20 by 10 meter court, seemed an ideal pastime for Sweden, a country with a proud tennis tradition. Investors jumped on the opportunity, including private equity Show less Read more
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