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.