Mall Grand Arena, built by the developer Euroinvest Intermed, filed for insolvency at the request of three of its creditors. The creditors — construction companies Arcon Constructions, Climatehnic and CZ & C — petitioned the court for repayment of debts, according to the daily Ziarul Financiar.
The 12,000 sqm Bucharest shopping center, which opened in 2009, cost around €187m to build. Trouble started in March 2010 when more than 25 retailers canceled their contracts with the mall because of a lack of business. In late 2011, Grand Arena was dealt another blow when it lost a €1m lawsuit with the consulting company Cegis, which claimed it had not received payment for leasing 127 retail units.
Grand Arena is the third mall in southern Bucharest to fill for insolvency. City Mall and Liberty Center area also going through insolvency proceedings.
