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Leonardo resumes expansion two years after becoming insolvent

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05.05.2011, 23:34 137

Leonardo, the biggest retailer of footwear and leather productsin Romania, which went insolvent in the second part of 2009, with100 million euros in debts, is resuming expansion, having openedits first store in Bucharest's Bucur Obor complex. A further threestores could be opened this year.

"The store was opened on April 22nd following a 20,000-euroinvestment, which is the cost of the furniture. The space where weopened the store, located on the ground floor of Bucur Oborcomplex, very close to the Altex store, was already set up," saidrepresentatives of Casa de Insolvenţă Transilvania insolvency firm(CITR), in charge of Leonardo's judicial reorganisation.

Leonardo has already sealed three other contracts for stores,which are set to open in Unirea Shopping Center Bucharest, inMaritimo Mall Constanţa (October) and in Electroputere Mall Craiova(November). The Unirea Shopping Center store will cover a 2,000square-metre area on the second floor of the shopping centre andwill be an outlet store. Leonardo holds another store in theshopping centre, but CITR representatives say the two will havedifferent target audiences.

This is one of the few cases of good news coming from insolventcompanies.

At the opposite end, Fashion Retail Group (FRG), held byOctavian Radu, which posted 15.7 million euros in turnover in 2009with more than ten fashion brands, was declared bankrupt after thecreditors' vote. The company's debts amount to 9.3 millioneuros.

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