Serge Files for Bankruptcy

• 16.03.2016, 10:00

The owner of one of the most known private textile companies of Belarus is trying to take a breath from creditors.

The economic Minsk court granted a three-month protection period to OOO Serge.

Serge has been one of the largest producers of underwear and knit-wear in the Belarusian market until recently. It was established in 1996 by Siarhei Atroshchanka, Zautra Tvaie Krainy reminds.

In early 2010s Serge took the second position after Milavitsa among private companies. About 700 people worked there at its height.

Since 2011 the company has launched an international expansion. Its shops were opened in Kazakhstan, Russia, Tajikistan, Ukraine, Armenia. According to results of 2013, there were about 230 private and franchising shops in the CIS. Serge was enlisted in top-100 of franchising offers in the Russian market by the Russian edition of Beboss. Milavitsa used to be the only one Belarusian enterprise in the list.

In 2014 Serge entered the European Union's market, having opened a store in Tallinn. Within several months such stores were opened in Estonian Rakvere, Lithuanian Druskininkai, and Vienna.

Now the official website does not mention them. The economic crisis and its consequences are dropping consumer purchasing power, devaluation. They caused a serious damage to business of Siarhei Atroshchanka.

In the second half of 2015 Serge appeared in the list of non-payers. His partners make demands on the businessman and his company.

In the end of 2015 there were only 100 employees left. It resulted in declaration to recognize the economic insolvency. The court accepted it and granted a protection period that expires in early June. It is apparently needed for business reorganization.

Siarhei Atroshchanka is famous for his investments to mass media business. In 2001 he owned 60% of weekly edition Svobodnye Novosti, after the conflict with partners and the editorial office he established Obozrevatel. It was opened until 2013 and was closed "for economic reasons."

Serge modeling agency was another project founded in 2006.