Russian Retailer Technosila Asked to Plead Insolvent

 The third-largest retailer of home appliances Russian Technosila asked to plead insolvent. 

Late last week, the Moscow Arbitration Court has registered a claim on the bankruptcy of parent company of the network - LLC Group SW.
Earlier this year control over Technosila moved to MDM Bank in repayment of loan amounting to slightly more than $ 220 million. The total amount of Technosila's debt  estimates to $ 400-500 million.
Technosila has become the second victim of the crisis in the retail trade of household appliances after a major retailer MIR  bankruptcy late last year. While the company continues to operate in the format of online store, reported on its website.
Before the crisis Tekhnosila united more than a hundred stores in 2007 its revenues reached $ 1.4 billion, and the network took nearly a quarter of total retail sales of household appliances in Russia.