A Shoe Giant With A 37-year History Goes Bankrupt In Belarus
17- 28.09.2025, 16:09
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The court opened an insolvency case.
The Economic Court of Vitsebsk region opened a case on the insolvency of Belvest, a large manufacturer of footwear with a 37-year history. The amount of debt obligations of the holding exceeded Br259 million, and bankruptcy proceedings have been initiated against the company for four months, reports "Vitsybichy".
Since July 2, 2025, Belvest and Belvest Retail Moscow have been under temporary external management by decision of the Vitebsk Regional Executive Committee. Over the summer, the company managed to repay debts on taxes, fees and the Social Security Fund, stabilize payments to employees and fulfillment of current obligations. However, the accumulated debts actually block the development: there is no possibility to increase production volumes and introduce innovations.
The holding itself initiated the appeal to the court. LLC "Baikov and Partners" was appointed as an anti-crisis manager. The preliminary plan is for three years and has been agreed with the city authorities. According to Deputy Chairman of Vitebsk Regional Executive Committee Anzhelika Nikitina, it should help Belvest get out of the crisis.
Reminder, as previously reported by "Zerkalo," the manufacturer is also overdue on customs payments. The company itself is trying to collect about Br1.9 million from contractors.
In October, the Ministry of Emergency Situations is scheduled to inspect the company, while a ban on registration and liquidation actions against Belvest and its parent company Belvest Group has been in effect since May.
In June, the plant's employees asked the authorities to speed up decisions to save the enterprise, and in July, the regional executive committee approved the appointment of a new head, details of whom have not yet been disclosed.
Belvest is a Belarusian-Russian enterprise: in 2019, 55% of the plant's shares became owned by the domestic company Belvest Group, while the remaining 45% were owned by the Russian firm IPK Investprom. This is reported on the website of the manufacturer. Before that, the owners were Bellegprom and Investprom (Russia).
The average number of Belvest employees in 2024 amounted to 2,150 people, according to legat.by. For comparison: in 2023 there were 2,282, and in 2022 - 2,196.
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