Romanian women’s fashion retailer Tina R has entered insolvency and could complete the reorganization plan by the end of this year, has announced Casa de Insolventa Transilvania (CITR), the company’s judicial administrator.The Insolvency procedure was initiated by Tina R on September 23. Part of the reorganization plan, the retailer will have to optimize costs, close down unprofitable stores and open new ones and to renegotiate its leases, announced CITR representatives.
The main income source will come from continuing the core activity but other sources should also be identified in order to pay all the debts, according to CITR. New investors could also join the shareholding once an accurate list of all the creditors will be put together.
At present there are 9 Tina R stores.
The majority owner of Tina R with a 76 percent stake is Trade-Marketing, a company owned by Beatrice David.
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