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Crisis claims first victim in furniture retail. Staer stores insolvent

Crisis claims first victim in furniture retail. Staer stores insolvent

Autor: Ioana David

31.01.2011, 23:18 12

Galaţi-based Staer Internaţional, owning a store network underthis brand, as well as a production facility, entered insolvencyafter Galaţi Court of Law approved the company's petition, and isthus becoming the first such case of a top ten player on thefurniture market.
"The insolvency was mainly brought about by the plummeting salesamid the economic crisis and by a series of external factors thathurt our commercial relations with foreign partners," said MihaelaMurariu, associate manager with Elva Cont of Bucharest, thecourt-appointed legal administrator. By edition close, Murariu hadnot explained, though, what she meant by the externalfactors.
Staer owns a production facility located in Galaţi and a 24-storenetwork countrywide. The company is set to come up with areorganisation plan in the following period.
There are no current data available on the company's debts, but in2009 they amounted to 43.9m RON (10.4m euros), according to theFinance Ministry.
Contacted by ZF, Staer representatives did not make any comment byedition close.

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