Leonardo, the biggest Romanian footwear and leather productsretailer, which filed for insolvency at the end of last year inorder to reschedule its 100 million-euro debt to suppliers andbanks, has announced it is now "up to date" with payments thanks toits lower-price strategy implemented over the last six months. "Thestrategy to place products on the medium-low segment has worked.Now Leonardo sells 200,000 euros' worth of products a day, and thebusiness has stabilised," said Radu Lotrean, managing partner atCasa de Insolventa Transilvania (Transilvania Insolvency Firm), incharge of the retailer's judicial reorganisation.
Leonardo, held by Oradea-based Florin Panea, has been sellingproducts whose prices did not exceed 30 euros since November. At anaverage price of 20 euros, 10,000 products are sold daily in the137 stores held on the Romanian market. This means sales willamount to at least 73 million euros this year. Last year thecompany announced a 100 million-euro turnover, down by around 35%against the previous year.
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