The Ilfov Court allowed the company’s request for insolvency on March 20 and appointed Capital Insolv SPRL as its judicial administrator.
According to Finance Ministry data, Top Brands Distribution had a turnover of RON31.5 million in 2012 from RON457.6 million in 2011, a net profit of RON3 million and debts of RON46.1 million.
The company also lowered its staff number by 100, to 319 employees.
Top Brands Distribution was founded in 1997. Some 80% of its portfolio consisted of the distribution of cigarettes made by Philip Morris Romania.
Top Brands Distribution is equally owned by Cyprus-registered Malgiers Enterprises LTD and Top Brands Holding, according to the Trade Registry.