The company owes 150 creditors a total of 260 million crowns and is unable to meet its obligations. The owner of the company is the entrepreneur Michal Mička. The court has already opened insolvency proceedings with his other company Pietro Filipi.
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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. She is already in insolvency.
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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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