Swedish furniture tycoon, Thomas Lundgren, set up THE One over a decade ago. During the UAE's five-year property boom the chain of furniture stores was hugely successful but Lundgren has struggled to maintain sales amid the downturn.
Revenues declined 18 percent to $96m for the year to March 2010 with sales plunging 40 percent last February alone. More than 100 staff have been let go in the past 12 months.
AB TV talks to Lundgren about what went wrong.