Fornetti Romania targets exit from insolvency in 2015

Fornetti Romania targets exit from insolvency, following a return to profit

Newsroom 08/01/2015 | 12:15

Pastry shop chain Fornetti Romania hopes to exit insolvency this year after posting sales over RON 100 million in the past year, writes Mediafax. Furthermore, the company announced it would finish its restructuring plan by May 31.

2014 was the first year since entering in insolvency in 2011 when Fornetti posted a profit, nearly EUR 500,000 per the company’s announcement. In 2013, Fornetti had a REON 70.5 million turnover with RON 5.6 million in losses.

“The company followed its restructuring plan, didn’t amass new debt and cut by half the debts it carried in 2011. The restructuring plan will be finalized by May 31 2015, with odds pointing to an exit from insolvency”, according to the network.

Local sales increased 7 percent in 2014, to 6,700 tonnes, spurred on by opening new units. New franchise partners could open stores without paying the franchise tax and Fornetti closed deals with some of the most important retail networks, according to the company.