September 8 (SeeNews) - Romanian online furniture retailer Vivre said it will receive an additional financing of 1 million euro ($990,801) from its majority stakeholder as the company is preparing to enter a concordat procedure with its creditors in order to avoid insolvency.
The 1 million euro line of credit is an addition to the 2.5 million euro in financing already granted by its majority stakeholder, investment fund Neogen, the company said in a report filed with the Bucharest Stock Exchange on Wednesday.
The company filed a request to open a concordat agreement with two of its creditors, aiming to solve its financial difficulties.
During the first half of 2022, the company's net loss widened to 18.64 million lei ($3.8 million/ 3.83 million euro) from 17.03 million lei loss recorded in the same period last year.
Vivre was founded in 2012 and currently operates in nine European countries, having a portfolio of over 1,000 furniture and home decoration brands.
(1 euro = 4.8580 lei)