Romanian online retailer elefant.ro files for insolvency

Elefant.ro intends to propose a reorganisation plan while maintaining the right to manage its activity, the company said in a filing with the Bucharest Stock Exchange on Wednesday.

In early August 2023, local real estate company Miller Centre filed a request for the launch of insolvency proceedings against the online retailer with the Bucharest Tribunal, elefant.ro said in a bourse filing at the time. Elefant.ro stated back then that the request was unfounded as the creditor’s claim fell below the threshold value required for initiating insolvency procedures. Later that month, Miller Centre withdrew its request for insolvency proceedings against its debtor, as revealed in a subsequent bourse filing.

In May 2023, Romania’s Evolution Prest Systems, the operator of the online retail platform evoMAG, announced that it would acquire 68.4% of elefant.ro. Six months later, elefant.ro said its shareholders cancelled the transaction, ensuring the needed support for the company’s commercial operations independently.