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Ventura carries out restructuring process to avoid bankruptcy.
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South American Business Information
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June 12, 2003
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Copyright informationCOPYRIGHT 2003 COMTEX News Network, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Argentina, Jun 12, 2003 (El Cronista/SABI via COMTEX)
Ventura, the Argentinean domestic appliance retail chain, has been undertaking a deep restructuring process since the beginning of 2003 in an attempt to avoid bankruptcy. The project involves the closure of five of its 45 outlets and 100 job cuts. According to the company, such strong measures are needed because the Argentinean courts have not yet ruled on its request for protection from creditors, which the company managed to lift in August 2001 after it reached an agreement with the majority of its creditors. With no access to credit, the company is finding it very difficult to operate and is delaying salary payments. ...
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