The Moviflor, chain of furniture stores and home furnishings, yesterday ended its 40-year history with declared debts of around €130 million.
The company founded by Catherine Remigio has assets of about €18 million but the closure of all outlets was announced on 1 October, 2014.
The liquidation of the company was approved at a creditors' meeting on january 7th and a creditors committee already has been set up.
According to the administrator of Moviflor, "the assets have a value of about €18 million, although, as part of this is building land, the final value calculated should be lower," presumably as building land has fallen in value.
The creditors are still being analysed but the administrator Pedro Ortins de Bettencourt said that the amount still could be higher than the current €128 million, "ending up at probably just over €130 million."
The largest creditor is the state with €24 million owed, Social Security with €19 million owed and Banif bank with €11.6 million owed.
"We are in a phase in which the amounts claimed by creditors are being analysed,” said Bettencourt whose full list can be firmed up after the deadline of the 27th January.
Moviflor at its peak employed 1,400 people and when the company applied for and was granted a Special Revitalisation Process (PER) in December 2013, the debts had reached €150 million.
See also:
http://www.algarvedailynews.com/news/4086-moviflor-declared-insolvent
http://www.algarvedailynews.com/news/3520-furniture-retailer-moviflor-finally-closes
