Electronics retailer Okay declared bankrupt by Brno court

The electronics retailer Okay, based in Brno, has officially been declared bankrupt. The decision was made by the Regional Court in Brno following a bankruptcy petition filed by the company itself, as confirmed by documents in the insolvency register. Creditors now have two months to submit their claims, and a court hearing has been scheduled for 10 September. According to the company, its total debt amounts to approximately CZK 700 million.

So far, three creditors have registered claims, with one of the largest being UniCredit Bank, which is seeking nearly CZK 114 million. The bank has also challenged the appointment of AS Zizlavsky as the insolvency administrator, questioning the company’s impartiality. UniCredit noted that the same administrator was proposed in the insolvency case of Alfa-Rent Tessera, another company within the Okay holding structure. The bank expressed concerns that the administrator may act in favor of the debtor rather than prioritizing the interests of creditors, and also raised issues about changes in the reported extent of the debtor’s assets.

Okay, owned by entrepreneur Jindřich Životský, has been a familiar name in the Czech electronics market for nearly 30 years. At its peak, the company operated 80 brick-and-mortar stores across the country. However, it struggled to adapt to the shift toward online retail and began facing serious financial challenges in 2021. A restructuring plan that aimed to continue operating through an e-shop and wholesale business ultimately failed. The company closed its last physical store on 25 January.