Moscow Region Arbitration court declared Technosila, the company managing Technosila electronic goods and household appliances chain store, bankrupt, Russian Agency for Legal & Court Information reports.

The court made the company undergo bankruptcy proceedings for six months and appointed the company’s acting CEO Sergey Petrov the trustee in bankruptcy.

The trustee announced in the course of the hearing that no evidence of the company going deliberately bankrupt was found. Technosila now has eleven creditors, whose claims total to 11.25bn RUR.