Court approves Mic.ro retail chain insolvency in Romania

The Bucharest court has approved the insolvency of local retailer Mic.ro, owned by Romanian businessman Dinu Patriciu. RVA Insolvency Specialists was named judiciary administrator for the retailer. The move came after the company itself filed with the court, even though creditors had asked for its insolvency as well. The retailer can either go bankrupt or choose to reorganize its activity.

Patriciu's other retail chains, Minimax Discount and Macro also field for insolvency. The investor, who started the Mic.ro convenience store chain in 2010, was aiming at 1,250 stores by the end of 2011, as well as 750 mobile stores. Dinu Patriciu bought the MiniMax stores in 2010 from Austrian real estate company Real4You. He was one of the founders of the retail chain but withdrew from the business soon after the first stores were opened. The Dinu Patriciu foundation, established by Romanian businessman Dinu Patriciu, has recently stopped its ‘Invent Your Future’ and ‘Opened Horizons’ scholarship programs in Romania. This decision was taken due to the reorganization and restructuring of its activities. Dinu Patriciu sold his stake in oil and gas company Rompetrol in 2007 , for some USD 2.7 billion, according to media reports. He invested in media – he bought and invested in the Adevarul and Averea newspapers, as well as the tabloid Click. His company also launched Forbes magazine in Romania, as well as Foreign Policy magazine. Patriciu went on to launch Adevarul local newspapers across Romania and open Adevarul bookshops. Several other retailers filed for insolvency recently. Most of them chose to reorganize their activity. House of Art and Levis recently opened insolvency procedures, and so has the Fornetti bakery chain. Flanco, bamboo, Leonardo and Tina R are also among the local retailers that filed for insolvency. editor@romania-insider.com