Major Romanian online retailer CEL files for insolvency
One of the major Romanian online retailers, CEL.ro, filed for insolvency after its turnover plunged somehow unexpectedly last year and its losses deepened.
Corsar Online, the operator behind the online shop CEL, reported its revenues dwindled by 38% year-on-year to RON 127 mln (EUR 26 mln) last year - the year when the market was particularly favorable to the online electro-IT retailers like CEL.ro. The company’s losses quadrupled to RON 3.5 mln in 2020, though.
Ziarul Financiar daily reports that CEL.ro is currently declared as being under the management of Brand Design Team - a new company controlled (90%) by Tiberiu Pop - the owner of Corsar Online.
Brand Design’s revenues soared to RON 43 mln in 2020 (RON 0.24 mln in 2019), while its profit increased to RON 2 mln (RON 0.13 mln in 2019).
(Photo: Designer491/ Dreamstime)