Three months after entering insolvency, Staer lays off 120 people and closes large stores in malls
Staer Internaţional furniture company, which in December entered insolvency at shareholders' request, closed several stores it operated in shopping centres and opened new ones in street front locations, in line with Official Gazette information.
"In January 2011, rental contracts for retail spaces developed on large areas, where space costs were not covered by generated revenues, leasing contracts for goods that were not absolutely necessary for current operations and services contracts that were not absolutely necessary for the carrying out of activities were cancelled," reads a document titled "Staer Internaţional plan of measures", published on the website of Elva Cont, the court-appointed administrator of Staer Internaţional.
In February 2011, according to the same source, rental contracts for around 70% of rented spaces were renegotiated and personnel was downsized (120 people were made redundant) as part of the reorganisation move.