The operator of Russian shopping channel Bum-TV has filed a claim with the Moscow Arbitration Court to declare itself bankrupt.
Kommersant reports that the owners Rostelecom and Korea’s GS Shop invested a total of $20 million in the channel, which was launched in 2016 but went off the air last month after having failed to achieve break-even.
As of the end of 2017 the channel had a net loss of R343 million (€4.6 million) on revenues of R402 million.
It began to receive lawsuits from lenders in January this year and these currently number 15 and amount to R22 million.
Rostelecom held a 60% stake in Bum-TV, with GS Shop owning the remaining 40%.
