Updated at 18:30,22-11-2017

Creator of first Belarusian coffee brand goes bankrupt

belsat.eu, following Ej.by

Shortly after opening a case of bancruptcy of Serge, a well-known Belarusian manufacturer of body-linen, another reputed company, Ikartime, has announced its pay inability. In the 90s Ikartime created the first national coffee brand ‘Matador’.

On March 9, the Economic Court of Minsk region started hearing the case of Ikartime in the town of Astrashytski Haradok. Interestingly, a factory, in which Ikartime founders Artur Adamyan and Yervand Isayan invested in 1997, is also situated in Astrashytski Haradok.

Apart from Matador, Ikartime is remembered for such brands as Black Seed, El Café Barcelona and Greenwich. Before the crisis, the company developed Bungalow, a network of tea shops.

In 2015, the word leaked out that Ikartime was experiencing hard times: its employees had not been paid within six months. According to the company management, the problem was caused by a conflict with Belagroprombank. Ikartime overdued payment of the loan, which led to the seizure of its accounts at the end of 2014.