Ipekyol and TNT stores file for reorganisation
The Israelis at Honigman&Sons Fashion, who hold TNT stores on the Romanian market, and the Turks at Ipekyol, who hold the stores by the same name, filed for insolvency in the past few days, after Leonardo, the biggest footwear retailer in Romania, was the first fashion retailer to reorganise back in 2009.
Also insolvent is Fashion Retail Group, which used to own most
of the fashion brands held under franchise by RTC, among which
Kipling, Mandarina Duck, Olsen and Sacoor Brothers. According to
Vasile Godâncă, representative of Casa de Insolvenţă Transilvania
(Transilvania Insolvency Firm), this is not a case of
reorganisation, it is a case of bankruptcy, because at the time
when the insolvency proceedings were started, the company had
closed the stores under its management, with only the merchandise
stocks left.
The debts of Fashion Retail Group, according to the list of
creditors, amounted to 39 million RON (9.6 million euros). The
biggest creditor, which had to recoup over 50% of the debts, was
Alpha Bank.
The latest to join the list of insolvent companies are the Turks at
Ipekyol, who own four stores on the Romanian market, three in
Bucharest (Băneasa Shopping City, Cotroceni Park and Fashion House
Outlet Center) and one in Constanţa (City Park Mall). According to
the Bucharest Court of Law, the company filed for voluntary
insolvency.
Honigman&Sons Fashion, which operates the TNT stores in
Romania, too, filed for insolvency three and a half years after
entering the market.