How Leonardo managed to stick to 100m-euro turnover

Four months after filing for insolvency, Leonardo domestic
apparel and leather goods retailer is drawing the line and
calculating the effects of the policies it has been forced to
embrace in the past six months: turnover stayed at around 100m
euros, although almost 50 stores of Romania were closed, but the
company managed to axe rent, warehousing space and wage costs.
“Leonardo’s 2009 turnover revolves around 100m euros, considering
47 stores were closed domestically, going from 180 stores in 2008,
to 133 in late 2009,” Radu Lotrean, a managing partner of Casa de
Insolventa Transilvania (Transilvania Insolvency Firm), in charge
with the company’s legal reorganisation, told ZF. The 36% sales
drop in euros and 19% in RON from 2008 is in line with the declines
most fashion retail players reported last year, 30 to 50%, but
below those other companies that have not filed for insolvency from
the car, constructions or electrical retail fields registered.
Leonardo’s figures, however, were not achieved only as a result of
the of the policies devised together with the legal administrator,
but also because of a restructuring process carried out with the
help of Ensight Management Consulting.