Ultra Pro to be declared bankrupt in December, leaving behind 28m-euro debts

K Tech Ultra Pro, the largest IT&C retailer on the Romanian market two years ago, has no chance of making a comeback on the market and will be declared bankrupt in December, say representatives of BDO Business Restructuring - administrator of the company. The company founded by spouses Alina and Cristian Fughina, which at one point had over 70 million euros in business and almost 700 employees, could thus become the first major case of bankruptcy of a Romanian company in the context of the economic crisis. The collapse of the IT&C retailer, which will leave behind debt currently put at 28 million euros, was been triggered by several factors, which include the management's inability to change strategy amid a decline in demand, exposure to the exchange rate risk, and dependence on external funding, according to the company's administrator.