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Time-honored household appliance retailer goes bust

VE-Falko Kft, the company leasing the Vasedény brand, Hungary's long-running household appliances retailer, has gone into liquidation after it ran up debts of millions of forint.

In 2009, the company posted a HUF 31 million loss. Established in the 1950s, Vasedény employed 1,300 staff in its prime. The company went into liquidation in 1996 but was rescued by Vasedény Trade Kft, a team of investors, and eventually taken over by Vasedény-Falkó, a company set up by Vasedény employees.

VE-Falko booked annual revenue of about HUF 1.5 billion before sales fell to a third in the second half of 2009, which eventually dealt a fatal blow to its business.