Translated material
Large alcohol supplier Rusimport filed for bankruptcy
Rusimport, a major supplier of elite alcohol and tobacco to the Russian market, has filed for bankruptcy.
Applications were submitted by limited liability companies Rusimport, Trading House Rusimport, Rusimport-Invest, Trade Company Rusinter and Rusimport-Center. Applications from all LLCs, except for Rusimport-Center, have already been accepted for consideration by the court, representatives of the company explained.
The decision to declare bankruptcy at Rusimport was explained by a sharp depreciation of the ruble at the end of 2014. The company works with a deferred payment and settles accounts with suppliers and buyers at the exchange rate on the day of payment, the representative of the company explained. For example, now the company is forced to pay at the rate of 77-80 rubles per euro for alcohol imported in the summer of 2014 at the rate of 47 rubles.
At the same time, banks unilaterally significantly increase interest rates on loans, Rusimport reported. “We cannot promptly compensate for our losses by raising prices, since we ship goods to large retail chains, where price revision takes 1.5-2, or even 3 months,” a company representative said.
Rusimport's losses in the fourth quarter of 2014, according to a company representative, exceeded profits for several previous years. The company did not stop the import of alcoholic products, but its volumes decreased by about 2 times. At the same time, the wholesale sales of the company in January 2015 decreased by 50% compared to last year, she said.
“The difficult situation with importers is connected with the sharp depreciation of the ruble against the dollar and the euro in the fourth quarter of 2014. Our distributors in the regions are located in the ruble zone, so they were not affected by currency risks,” said a representative of Rusimport.
- Rusimport has been operating on the Russian market for over 20 years. According to the Union of Alcohol Market Participants, in January-November 2014, Rusimport imported to Russia 3% of wine, 1% of sparkling wines, 1% of cognac and 0.75% of vermouth of the total volume of Russian imports of these drinks.