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 Insolvență 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 Constanța (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.