While the Czech economy was experiencing strong growth over the past decade and companies were doing extremely well, it looks like this decade will be marked significantly by crises of various kinds. They also bring with them business failures, because some companies simply cannot function in such an environment.
A successful company for a long time
Even a company as important as Starlife, which had been operating for more than twenty years and had a turnover of one hundred million, went bankrupt. But eventually the problems caught up with her. Plus, this popular nutritional supplement vendor has gone really badly, with a huge debt.
Starlife reportedly owes its creditors around SEK 900 million, a considerable amount. That this was once an attractive company is also shown by the fact that the largest creditor is the prominent Czech PPF group. He owes more than 210 million crowns to Starlife.
Starlif’s owner tried to save it at the last moment, but chose more evasive methods, such as renaming it to Netwomark. Eventually, that also didn’t work out and the whole company shut down.
The property is for sale
Starlife was founded by the famous Olympian Robert Změlík. It was one of the most successful national companies founded on the foundation of multilevel marketing. This personal selling method, where salespeople can recruit other salespeople and have a percentage of their sales, is viewed by many as controversial. Among other things, because it is often very tight and, moreover, the products normally sold by the competition are usually much more expensive.
The bankruptcy trustee is now doing his best to monetize Starlife’s leftover assets. The company’s headquarters in Hostivica, where it had offices, a shop and a warehouse, is currently for sale. Its price is estimated at over 100 million crowns.
Photo: Shutterstock
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