The Municipal Court in Prague has decided to declare bankruptcy of Pietro Filipi. It owes about CZK 513 million to creditors, of which the volume of secured receivables is about CZK 49 million. The company Pietro Filipi stores, which operated the retail stores of this Czech fashion brand, is also in bankruptcy. In her case, the amount of receivables is approximately CZK 182 million, most of which are unsecured. This follows from documents published in the insolvency register. The Pietro Filipi clothing brand has been operating on the Czech market since 1993.
Insolvency proceedings with both companies were launched in February. The reason was a coronavirus pandemic and forced closures. Due to lack of funds, the owner of the companies, Michal Mička, was unable to continue looking for investors and possible reorganization of the companies. 153 creditors have applied for claims against Pietro Filipi since the beginning of the insolvency proceedings, and there are 52 at Pietro Filipi stores.
In the case of Pietro Filipi, part of the stocks of goods located in the Baltic States and Slovakia were sold despite the bankruptcy declaration with the consent of the insolvency administrator and the interim credit committee. According to the company, their acquisition value was 20 to 25 million crowns, they were sold for about 3.7 million crowns, according to the minutes of the review meeting and the meeting of creditors, which took place on Monday.
The company Pietro Filipi reported a net turnover of CZK 227.5 million last year, in 2019 it was about CZK 434 million.
Pietro Filipi was founded by Petr Hendrych, but the company was struggling with debts. Mička believed that he could raise the established brand and in 2017 he and his investment company C2H bought an eighty percent stake in it, in 2019 he acquired the remaining 20 percent. Mička also decided to revive the Kara brand, but it also went into insolvency this year. Reorganization is now allowed. Its former owner Zdeněk Rinth, who is ready to invest up to CZK 90 million in the company, decided to save it.
Source: CTK
