Tudor Dragomir Niculescu, 31, owner of the Turabo chain, has closed 30 coffee shops in less than a year and a half, with the company currently left with 14 coffee shops, compared with 44 in November 2009.
"Turabo closed all the places that had problems in 2009 and 2010," said Niculescu. According to the entrepreneur, there are currently 14 coffee shops under the Turabo brand, four event halls and the Turabo Society Club complex.
BRTV Grup, which operates the Turabo coffee shops and the Turabo Grand Ballroom event centre, posted 10.2 million lei (2.77 million euros) in turnover and a profit of around 188,000 euros in lei in 2008 according to Trade Registry Office (ONRC), with these being the latest available data because the company did to submit the 2009 balance sheet. Company officials did not answer ZF's request for 2009 and 2010 turnover data.
Victoria Holding, which owns the currently bankrupt City Mall, filed an insolvency petition against BRTV Grup in March 2009. The Bucharest Court of Appeal dismissed the petition in June last year. On March 15th, Victoria Holding again filed an insolvency petition against BRTV Grup, with a ruling in this case to be delivered on March 31st, according to the Bucharest Court of Law.
"According to the ruling of the Bucharest Court of Appeal, BRTV won the appeal in the insolvency case," Niculescu said.
Apart from the insolvency petition of Victoria Holding, another two companies controlled by Niculescu, Turabo Business Corporation and TCD Royal Events, are in similar situations. Niculescu says about Turabo Business Corporation that "we have appealed the decision to declare the company insolvent and we are confident we will win."
Tudor Dragomir Niculescu, 31, owner of the Turabo chain, has closed 30 coffee shops in less than a year and a half, with the company currently le
