Court launches mandatory liquidation procedure against Electro World

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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.

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