Local underwear producer and retailer Jolidon entered insolvency last week. The company had total debts of EUR 57 million, four times bigger than its yearly turnover.

Several creditors have asked for the retailer’s insolvency, according to the Cluj Court, reports local Ziarul Financiar.

In 2014, the company’s turnover dropped to EUR 14 million from EUR 21 million the previous year. Its losses grew from almost EUR 700,000 to EUR 22 million in the same period. Jolidon had over 1,000 employees at the end of 2014.

Romanian entrepreneur Gabriel Carlig founded the company two decades ago. At its peak, Jolidon had over 80 stores in Romania and exported to 50 foreign markets.

editor@romania-insider.com