Romanian millionaire Patriciu's MiniMax retail business files for insolvency

MiniMax Discount and Macro stores, owned by Romanian businessman Dinu Patriciu have filed for insolvency. All the stores under these brands have been closed down. The company is yet to make an official announcement.

Several suppliers, including Dorna Lactate, Vel Pitar, Scandia previously filed insolvency requests against MiniMax Discount. The company posted a turnover of EUR 66 million in 2010 and a loss of EUR 3.5 million, according to data from the Finance Ministry. Dinu Patriciu bought the MiniMax stores in 2010 from Austrian real estate company Real4You. Patriciu was one of the founders of the retail chain but withdrew from the business soon after the first stores were opened. This is not Patriciu's only troubled retail business. The Mic.ro convenience stores chain has closed down some units and is currently restructuring. The businessman said a month ago the business will be refinanced. More about Patriciu's businesses: Dinu Patriciu stops scholarship programs in Romania, plans to refinance retail business editor@romania-insider.com (photo source: MiniMax)