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.