Česká spořitelna is one of Kara’s major creditors.
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“In 2020, the debtor recorded a significant decrease in attendance, which in some establishments decreased by tens of percent year-on-year,” the proposal states.
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The company claims that its operations were very negatively affected by government restrictions in connection with the global pandemic.
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The Kara brand is a traditional Czech brand without foreign ownership. It has been operating on the domestic market since 1948. It currently employs 175 people.
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Last December, Entrepreneur Michal Mička’s C2H Group announced to creditors and bondholders that it was preparing to enter insolvency proceedings. According to Mička, the worst of the companies in the holding is the network of Pietro Filipi fashion stores.
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Pietro Filipi is already in insolvency
The Municipal Court in Prague has already opened insolvency proceedings with Pietro Filipi and Pietro Filipi stores.
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According to Blesk, employees of Pietro Filipi stores received a letter in January, the day before payment, stating that they were out of work and without money. “The employment relationship with you will be terminated,” according to the daily, the company’s human resources director Jan Zipser wrote to the employees.
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According to his letter, the company is in a hopeless situation, which will probably end in insolvency, bankruptcy and dissolution of the company.
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The Pietro Filipi brand already had financial problems before the start of the coronavirus pandemic last year. At the end of 2019, it had overdue liabilities to suppliers of over CZK 70 million and did not meet the conditions of banks.
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