THE MAIN STORE OF IZHEVSK DECLARED BANKRUPT

The TsUM shopping center, located in the capital of Udmurtia, was recently declared bankrupt. The bankruptcy proceedings will last until 25 November. On this date, the arbitration court appointed the consideration of the report of the bankruptcy trustee Vladimir Bayazov.

Earlier, the reason for the introduction of the monitoring procedure was the debt of TsUM to VTB Bank. The debt of 97 million rubles became the basis for recognizing the insolvency of TsUM in the arbitration court of the republic.

It is worth noting that the TsUM shopping center is no stranger to bankruptcy applications. Similar processes were launched annually in 2017-2019. In 2019, the tax authorities tried to recognize the management company of the shopping center in Izhevsk as insolvent. The debt to the tax authorities exceeded 5.3 million rubles.

However, while the trial was underway, the management of TsUM paid off a part of the debt, and by the end of the year, the court actually closed the case.

After VTB Bank had filed a bankruptcy petition in 2020, many experts were skeptical, not allowing the prospect of the shopping center being declared insolvent. Many believed that the owners of TsUM would be able to come to an agreement with creditors and the case would end in an amicable agreement. Moreover, several real estate objects are pledged by the bank. However, this did not happen by the time the case was considered in court, and the company was declared bankrupt.

The building of TsUM in Izhevsk, which opened in 1972, has lost its attractiveness as an object of trade in recent years. The premises of the shopping center are not equipped with a modern ventilation system, and inside the building, there are no elevators and escalators required for the shopping center.

According to a number of experts, the owner of TsUM could have redesigned the business in order to get an economic effect from its use.

It is known that the TsUM shopping center, which was declared bankrupt, has existed since April 2012. The main owner is Vladimir Filippov, who owns a 76% stake. Another part of the authorized capital is owned by the Cypriot firm V.F.G. Saigas Asset Management Ltd.