The Tervolina shoe network has not recovered from the crisis - in 2010, the number of its stores continued to decline. The network will be restored by new managers - CEO Vladimir Dudarev, who came from the alcohol company Rust Inc. and financial director Andrei Shinkarenko, who worked in the Tinkoff restaurant chain. About this writes Kommersant
“Tervolina” was founded in 1992, on its website there is information about 46 stores in Moscow and more than 80 in the regions. Revenues in 2010 year, according to expert estimates, could be $ 100-120 million.
The beginning of the financial crisis for the country coincided with the arrest of the owner for Tervolina: in September 2008, the Investigative Committee under the Ministry of Internal Affairs of Russia accused Vadim Stepanov of especially large-scale fraud, namely theft of a plot of land in the Odintsovo district of the Moscow Region (according to preliminary data, the damage amounted to 3 billion rubles.) Almost immediately, the network had problems with liquidity. In early April of 2009, the Moscow City Court decided to release V. Stepanov on bail of 10 million rubles, and in September, the Housing Finance Bank, owned by his old friends, PIK founders K. Pisarev and Yu. Zhukov, helped the businessman with a loan. In addition to the representatives of creditors, the former co-owner of M.Video A. Zayonts, who was to restore the network’s market position, also joined the Tervolina’s board of directors.
But all these measures did not help. According to one shoe retailer, in 2010, Tervolina was still experiencing a shortage of working capital, which is why it was late to buy new collections. In addition, the company increased the share of Russian manufacturers in the assortment. The number of stores continued to decline: if in November 2009 of the year there were more than 150, now there are approximately 130. “We closed unprofitable stores and opened new ones, the total number changed insignificantly,” the Tervolina top manager explained. According to him, this year the network intends to grow - mainly in Moscow.