Time’s up for Time Out in Romania

The company that holds the Time Out brand in Romania has gone into bankruptcy, according to an article (in English) in Ziarul Financiar. Great United Trading Company (whose sole shareholder is the Czech based retailer Time Out) pulled in €2.85m in turnover last year in Romania, but made a loss of €140,000.

Quoting an ex-manager from GUTC, ZF says Time Out decided mid-way through last year to pull out of Romania, as it already had a €1m debt to recover. The first choice, said George Mihai Petrescu, would have been a franchise partner to take over the business, but it proved impossible to find one quickly enough. The company reportedly went into administration in December.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s