The Israelis at Honigman&Sons Fashion, who hold TNT storeson the Romanian market, and the Turks at Ipekyol, who hold thestores by the same name, filed for insolvency in the past few days,after Leonardo, the biggest footwear retailer in Romania, was thefirst fashion retailer to reorganise back in 2009.
Also insolvent is Fashion Retail Group, which used to own mostof the fashion brands held under franchise by RTC, among whichKipling, Mandarina Duck, Olsen and Sacoor Brothers. According toVasile Godâncă, representative of Casa de Insolvenţă Transilvania(Transilvania Insolvency Firm), this is not a case ofreorganisation, it is a case of bankruptcy, because at the timewhen the insolvency proceedings were started, the company hadclosed the stores under its management, with only the merchandisestocks left.
The debts of Fashion Retail Group, according to the list ofcreditors, amounted to 39 million RON (9.6 million euros). Thebiggest creditor, which had to recoup over 50% of the debts, wasAlpha Bank.
The latest to join the list of insolvent companies are the Turks atIpekyol, who own four stores on the Romanian market, three inBucharest (Băneasa Shopping City, Cotroceni Park and Fashion HouseOutlet Center) and one in Constanţa (City Park Mall). According tothe Bucharest Court of Law, the company filed for voluntaryinsolvency.
Honigman&Sons Fashion, which operates the TNT stores inRomania, too, filed for insolvency three and a half years afterentering the market.
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