Master franchise owner of Fornetti Romania has over 80 creditors who are anxious to recover about €12m, according to preliminary data.
The company fired 255 employees, three leases contracts and 23 cars, all to reduce costs. The primary credit OTP Bank Romania has recovered over RON 25m.
The bakery chain produced a profit of €1.5m in 2009, but ended 2010 with a €500m loss in Romania.
At its height, it had 800 stores across the country.
