He asked for his historical bankruptcy of the Rosario's pedestrian

In parallel to the health crisis, pandemic continues to havoc economic matters.This time it was the turn of the traditional house of clothing to the elegant, open in 1901 and located in the heart of the pedestrian Córdoba, the main commercial artery of Rosario.Through a letter presented in Justice, the family business that manages the business asked to initiate a bankruptcy procedure, a step prior to the liquidation of society.

The case fell to Judge Carlos Cadierno -charge of the Civil and Commercial Court of the 15th nomination -who already set the main dates of the process and entrusted the trustee to carry out the assets inventory and propose its form of liquidation.Until July 5, creditors will have time to present their credits verification requests.

In the note where he requested bankruptcy, the president of the Board of Directors Julio Felipe Adler presented the main causes of the movement, among which although it emphasizes that the pandemic was "a blow of Knock out", the crisis already accumulated several years.

"For many years (the elegant) has been one of the reference businesses in the sector (...) In recent years as a result of fashion change and the way of dressing, the sale of formal clothing has been decreasing progressively (...) The style of clothing it sells was reduced to a small sector, composed mainly of older people and certain professionals, "the company's lawyers described when presenting the order.

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As indicated, the fall in sales increased "drastically" as of 2015, "mainly due to the advent of electronic commerce, the opening of imports and the fall of the real salary".This performance motivated the firm to finance with high rates, which eroded profitability.A factor that contributed to the sustainability of the business was that the immense property in which it operates -córdoba 1240- is owned by the family.

"It reached 2020 with a company in a critical condition, without reservations, without the possibility of obtaining credits," said the writing, and then sentenced that the pandemic "was a blow of Knock out".In fact, on March 19, 2020 - first day of quarantine - the company began to accumulate checks without funds, which to date already total 28 for an amount of $ 1.79 m.On the financial level, according to the information provided by the Central Bank, there is also a liability "with a high risk of insolvency" with the ICBC bank, for $ 447.000.

"The company not only has no more economic-financial margin, but it is in a state of payments of payments.For all these reasons, and in order not to continue increasing the liability, it is that the shareholders of Al elegant SACI have decided to put an end to the business, starting the bankruptcy procedure, "the order concluded.

Through a ruling, the corner judge already resolved to declare the bankruptcy of the company, as well as its general inhibition of goods.Subsequently, the accountant Marcelo Covella was appointed as a trustee, who must submit his individual report on August 16 and his general report on September 27.