The Moscow Arbitration Court has imposed monitoring the retailer Tsentrobuv because of its debts of RUB 4m. A court hearing for the bankruptcy case is scheduled for September 6, 2016. In 2015, Tsentrobuv closed 250 stores, followed by another 100 in the first quarter of 2016. The retailer has the largest network of shoe retailers in Russia, with around 700 outlets. Before the crisis, the company was preparing to hold an IPO and had been expanding actively through the use of credit. However, when Russian consumer spending fell in 2015, the company was unable to adapt and optimize quickly enough.
