Romanian retailer Domo leaves behind EUR 48 mln debt

Local company Family Home Concept, the former Domo Retail, has debts of about EUR 48.3 million. Domo Retail operated the electro & IT Domo stores and has entered insolvency this summer. If the money is recovered, largest part of it will go to the Bulgarian lender Corporate Commercial Bank AD which has kept alive the Domo business starting 2013, reports local Economica.net. The lender is now under insolvency, after its main shareholder Tsvetlan Vassilev stole more than EUR 100 million from the bank’s accounts. Romanian media wrote that Vassilev was actually the real owner of Domo Retail. He is now searched by Interpol. Domo, which ranked third among local electro & IT retailers, has transferred its business on another company. The new firm recently announced that it would close all its traditional stores and would only keep the online store. editor@romania-insider.com