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Romanian Retailer PIC Files For Bankrupcy

Romanian retail chain PIC filed for bankruptcy on November 16, part of the company’s restructuring process, the retailer said in a statement Monday.
Romanian Retailer PIC Files For Bankrupcy
23 nov. 2009, 13:32, English

As a result of enforcing restructuring procedures, teh retailer’s sales continued to decrease while the company’s debts to the creditors widened. Thus, the company decided to file for bankruptcy.

The company’s sales fell 30% on the year so far in 2009, PIC officials said.

PIC retail chain has five stores in the towns of Pitesti, Craiova, Braila, Oradea and Calarasi. Following the restructuring process, the company closed down three units, namely the ones in Braila, Oradea and Calarasi.

The chain is owned by Ilie Penescu and FC Arges owner Cornel Penescu, the latter of whom is pending trial in a football corruption case.