Petar Petrov GmbH is insolvent.
A reorganization procedure with self-administration was opened for the womenswear luxury label at the competent commercial court in Vienna on July 17th, the creditor protection organization Alpenländischer Kreditorenverband (AKV Europa) announced. Lawyer Denise Rohringer was appointed as insolvency administrator.
The restructuring process affects 241 creditors and ten employees whose wages and salaries have not been settled since June. Even before the application was submitted, the company had carried out restructuring measures such as minimizing the advertising budget. Meanwhile, no job cuts are planned.
The main cause of the insolvency is the Corona-related decline in sales. Furthermore, it is said that the applicant has concluded a contract with an English agency company, which asserted invoices at the beginning of 2023. According to the applicant’s own statements, however, these invoices would not match “adequate services”. Since an agreement with the agency could not be found, the application in question was submitted by the company, according to the announcement.
Designer Petar Petrov launched his eponymous label in 2009, which is available from well-known fashion retailers such as Galeries Lafayette, Harrods, Matches Fashion and Net-A-Porter. In 2018, Petrov founded the associated company. He is also active as a managing director.