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February 9, 2023

House of Art and Levis go insolvent

The Bucharest Tribunal has appointed the insolvency firm ‘Casa de Insolventa Transilvania’ as judiciary administrator of the companies Staff Collection and Corssa, which operate in Romania the store chains House of Art, Fox, Levis and Eponge. Staff Collection and Corsa filed for insolvency themselves, and the magistrates admitted their requests. “Casa de Insolventa Transilvania will analyse, in the coming interval, the activity of Staff Collection and Corssa and will collaborate with the company management to draft the best reorganisation plan. The reorganisation process is aimed at continuing the commercial operations of Staff Collection and Corssa on the Romanian market, in a sound and sustainable way,” reads the press release issued by the judiciary administrator. The officials of the insolvency house explain that insolvency does not necessarily mean the failure of the business, which can be revived if an adequate reorganisation plan is enforced at the right moment.

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