Armonia Mall in the city of Braila, declared insolvent in 2010, has been put up for auction several times, but so far no potential buyers have stepped forward.
Built by Red Capital Management, Armonia Mall opened in 2008 only to close seven months later due to a lack of business. The mall cost €45m to deliver, of which €28m was financed by Volksbank.
According to Transilvania Insolvency House, which has organized the auctions, the mall’s debt is estimated at €35m.
