Yet another Czech e-shop has fallen into debt. E15 reports that the kitchen supplies specialist Kulina.cz placed itself in insolvency after finding that it couldn’t pay off its debts which now exceed CZK 332m. In its court filing, it revealed that CZK 42m of the debt is overdue by more than 30 days and nearly half of that figure was due three months ago. Moneta Money Bank, which is owed CZK 52m, secured its debt by linking it with shares in the company. Kulina.cz is reported to be in discussions with potential investors including Mall Group. E15 writes that the company’s expansion in Poland, Hungary and Slovakia proved more costly than expected and left it unable to meet its wages and rent bills. Earlier this year it emerged that Zoot.cz had gone into insolvency with debts of more than CZK 500m.
