Court launches mandatory liquidation procedure against Electro World

The Pest County Court has launched a mandatory liquidation procedure against electronics retailer Electro World Magyarország, gazdasag.hu reported on Monday.
The company filed for bankruptcy protection twice, but both procedures were closed. Headcount at the company fell from 332 in June to one in July.
Electro World had a loss of HUF 1.2 billion on revenue of about HUF 10 billion in 2010. Revenue was down from more than HUF 20 billion in 2008. The company has never turned a profit.
ADVERTISEMENT
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.