Romanian footwear retailer Leonardo plans to sell assets, enter new markets to pay off debts

Romanian insolvent footwear retailer Leonardo considers selling some of its assets or shares, but also entering new markets in order to be able to pay off its debts to creditors, according to a proposal to change the retailer’s reorganization plan, quoted by local Ziarul Financiar. Some of the measures include, in addition to continuing the current activity, the sale of assets, the exploitation of a 2.5-hectare land in Oradea by transforming it into a space for activities such as car sales. The company also plans to attract one or more third party investors, shareholders or creditors, as an alternative measure, in case it will be necessary, depending on the results achieved by the company in the first year of the reorganization plan. Leonardo opened the first store in 1994 in Oradea and currently runs 97 stores located in 59 cities. Irina Popescu, irina.popescu@romania-insider.com