Briefly about the background: the brands Dormeo, Delimano, Rovus and Top Shop got a new owner last week. Through the newly founded Swiss company Dormeo AG, he became this Darko Horvatmeanwhile Sandi Czech Republic remains the owner of Studio Moderna and will lease the brands from Horvat.
Before that, the brands were in the hands of Switzerland-based Top Shop International, which is controlled by the Czech Republic through a holding company in the Netherlands. It represents the key company of the group, as it was in charge of practically all deliveries and sales.
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The Czech Swiss company bought goods from China, paid logisticians and other suppliers. She then sold these goods to subsidiary companies of Studio Moderna with offices in European countries and received a 15 percent commission for this, writes Necenzurirano.si.
A Swiss company up to its neck in debt
Top Shop International ran into problems – debts to suppliers are said to be around 50 million euros, and at the same time the company has a similar amount of receivables from the impoverished subsidiary companies of Studio Moderna – because it had to approve tens of millions of euros in loans to Czech’s Dutch holding company, which have sprouted into an unknown place. Thus, the Swiss company was left without a key asset, and creditors will probably have to accept the debt write-off offered by the Czech Republic.
Another possibility is the bankruptcy of the Swiss Top Shop International, which means that the creditors will get even less or will be left completely empty-handed, as the bankruptcy administrator would try to collect claims against the empty subsidiaries.
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The purchase ended in the Netherlands
Creditors of the Czech Swiss company will probably not even see the purchase price that Horvat transferred for the purchase of its brands – according to information from Necenzurirano.si, it should amount to around four million euros.
Until last year, the registered German branch of the Russian bank VTB had a mortgage on the trademarks. When the Czech Republic repaid its loan in September last year, Studio Moderna Founders from the Netherlands, which is controlled by the Czech Republic, signed up as a mortgage creditor for the brands. That means the money ended up in her account.
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The never-ending transition and all its victims
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For example, the Dormeo trademark is still registered in the Swiss register as Top Shop International. As recently as last fall, VTB Bank had a lien on it, and since November, the Dutch company Sandija Češka has been registered on it.
Horvat’s maneuver from decades ago revived
The rescue of the Studio Moderna group involves similar maneuvers carried out more than a decade ago by Darko Horvat, the former owner of the Aktiva group, who was left with 170 million euros in bank debts. This money went in the form of non-refundable loans to company accounts in the Netherlands and Luxembourg, and from there it was lost to various addresses around the world. Only empty companies remained in Slovenia.
Although Andrej Podgoršek, the owner of AD Vita, which sells Vitapur and Svilanit products, was initially identified as a suitable strategic partner in the Czech Republic, he later decided on Horvat instead.
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At the beginning of last year, Studio Moderna had to be bought back from four international investment funds, for which it paid a hundred euros, which means that the group was already in great financial difficulties, accelerated by the covid-19 epidemic and Russian aggression on Ukraine.
Unofficially, the financial situation of Studio Moderna was so bad that the Czech Republic urgently needed working capital to finance its operations, and it also sought to obtain money from banks and investors. He also reportedly had problems with the payment of wages, and Horvat’s entry into the group alleviated the problems.
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