Great United Trading, which sells the Timeout, Lee Cooper, KVL and Only brands in the Czech Republic, is heading for insolvency. According to information from the insolvency register, the owners want to reorganize it. The company is constantly affected by the pandemic and owes banks and shopping centers over 600 million crowns. The news was the first to bring the weekly Hrot.
Owners Great United Trading they used a legal moratorium last year, but their problems could not be resolved. A company owned by a Romanian company Montecristo Retail, she sent shopping malls on Thursday and stated that she was heading for insolvency, he said Apex. On the same day, she filed for insolvency with a request for reorganization.
“As a result of the extraordinary measures taken to combat the covidu-19 pandemic, there has been a significant drop in sales. The main reason was the closure of shopping centers and their sharp decline in attendance after their reopening. As a result, the company got into extraordinary financial problems. The debtor tried to actively address its unfavorable economic situation, especially through negotiations with creditors and also through an extraordinary moratorium (…), but due to the ongoing pandemic and the associated low revenues, the debtor could not stabilize its economic situation, ” the company sent to the court.
The total amount of the debtor’s liabilities as of this week was 648 million crowns for 85 creditors. It is mainly a combination of bank loans from Raiffeisenbank and UniCredit, and especially unpaid rents in shopping centers. According to his company, the company owes 53,000 euros to Palladium in Prague, ie about 1.3 million crowns.
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