Minsk Economic Court starts Serge bankruptcy procedure

Minsk Economic Court has started a bankruptcy procedure for Serge – a major Belarusian linen producer. The procedure was started on March 9 and the period of defense will end on June 9.

The company Serge belonging to businessman Syarhei Atroshchanka produces men’s and women’s linen. The collapse was rapid: Serge appeared in the European market and opened shops in Estonia, Lithuania and Austria in 2014. However, the company became a defaulter in the second half of 2015. The number of jobs offered by the enterprise decreased by 7 times. Serge started having problems due to the crisis in the Belarusian economy, its owner said earlier.