Leonardo, the largest local footwear and leather goods retailer,which went insolvent in the second half of last year afteraccumulating 100 million euros in debt, has closed all subsidiarieson neighbouring markets, which in the 2007-2008 period brought thecompany around 50% of its 135 million-euro revenues.
"This year we estimate a 78 million-euro turnover, down fromprevious years, because our export operations have been shut down,with subsidiaries in Hungary, the Republic of Moldova and Bulgariato which we were exporting being in turn closed because they lostthe parent company money," says Bogdan Gorde, a partner within Casade Insolvenţă Transilvania insolvency firm, in charge of Leonardo'sjudicial reorganisation.
Last year the company posted 224.9 million RON (52 million euros)in losses and a 410 million-RON (95 million-euro) turnover,according to data from the Finance Ministry. After the Oradea-basedcompany held by businessman Florin Panea became insolvent, thecompany went through a tough restructuring process, which entailedthe closure of 50 stores and operating several hundredredundancies. Leonardo stepped into the black as of September,Gorde adds.
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