Romanian furniture company Staer files for insolvency

Romanian furniture producer and retailer Staer has started the insolvency procedures, according to Elva Cont, the judiciary administrator. Staer owns a furniture factory in Galati as well as a chain of 24 furniture stores across Romania. The company posted EUR 12 million in turnover last year, down from EUR 16 million the year before. Its debt in 2009 was of EUR 10.4 million. Staer was set up by Romanian businessman Nicolae Stefan in 1992.In 2005, the company opened 30 stores. Furniture retailer in Romania reaches around EUR 1 billion every year, according to data from the Association of Furniture Producers in Romania. The main players on this market are retailers IKEA, Mobexpert, Elvila, Neoset, Kika, Lemet. Mobexpert and Elvila also have their own production units. editor@romania-insider.com