September 22nd, 2011

Operator of Skála department stores facing liquidation after “Chinese market” solution fails

Liquidation procedures have been been initiated against Skála Group Kft., the operator of Skála department stores around Hungary. The company founded by seven Chinese private individuals in 2007 had bought the Socialist-style department stores located mostly in the countryside to turn them into “Chinese markets,” but they proved unprofitable.

Skála Group has accumulated tax debts of over Ft 100 million (€344,000) outstanding for over 180 days.

The group incorporates eighteen Skála department stores in Hungary: thirteen in the countryside and five in Budapest, not including the most famous Skála store still standing, located on Pest’s Nyugati tér. []


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