The Russian Federal Tax Service has opened a case against a big Russian shoe retailer, Tervolina, asking for its insolvency unless it pays back taxes. The company is already subject to several enforcement proceedings over the total debt of 2.8 million rubles (€39,000-$44,000) owed to other creditors, according to an independent Russian news agency, Spark.
A few days ago, Tervolina said it was on the fast track to liquidate its debt to the tax authorities. The size of the debt is not disclosed, but Tervolina said it was “not big.” The company said it expected to repay the debt within two months, and in this regard it is possible that the court hearings on the bankruptcy could be postponed, Tervolina added.
Tervolina runs a network of about 100 doors in the European part of Russia, including locations in Moscow, St. Petersburg, Yekaterinburg, Tyumen, Rostov-on-Don and other cities. In 2017, the company posted net revenue of 3.3 billion rubles (€46m-$52m).
Tervolina recently reported that it had put a lot of effort into developing its online store, adding an option to facilitate the choice of the right styles. Customers can type in the parameters of their feet and check online to see how their chosen shoes would fit them. Tervolina is one of the first companies in Russia to offer this service.