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Iceland's store operator ends up in the Czech Republic.  Apply for insolvency

Iceland’s store operator ends up in the Czech Republic. Apply for insolvency

ICL Czech has receivables from 135 creditors, owing them a total of 38.4 million kroner, states insolvency petition. The company has obligations with, for example, the Czech Social Security Administration, the Tax Office in the capital, Prague or ČSOB.

According to the justification in the insolvency petition, two things broke Iceland’s neck: a pandemic and Brexit.

“The petitioner’s bankruptcy is caused by the negative state of the economy as a result of the COVID-19 pandemic, which has also affected the food retail sector. The termination of the United Kingdom of Great Britain and Northern Ireland’s membership of the European Union (Brexit) has had a significant negative impact on the petitioner’s business results, Which led to a significant increase in the costs of freight and other customs clearance services, and the company explained in the insolvency petition that the accompanying increase, to the range of prices of foodstuffs imported in this way.”

Iceland specializes in selling frozen goods from the UK. The news reported last month that it had closed its online store and quietly closed some of its 11 branches in the Czech Republic.

According to the insolvency petition, the company has 82 employees in the Czech Republic, and 19 employees in non-employment agreements.

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