Can Serv, owned by businessman Ion Avram, filed for insolvency a week ago. The court designated Casa de Insolventa Transilvania as its judicial administrator.
In 2010, the company had a turnover of 55 million lei (EUR12.5 million), much lower than the previous year, when it had sales of over RON150 million. Also in 2010, Can Serv switched to losses of RON4.85 million from a profit of RON1.9 million in 2009.
The company had debts of RON161 million and 385 employees in 2010.
Part of its supermarkets were bought in 2010 by retailer Mega Image, part of the Belgian group Delhaize.
The Romanian retailer’s insolvency comes after two other retailers, businessman Dinu Patriciu’s Mic.ro and Minimax Discount and the Penescu brothers’ PIC networks went bankrupt.