Moscow Commercial Court has declared bankruptcy for Ilya Reznik, founder of Pazolini retailer (the name of the brand was Carlo Pazolini, until last April). The same court has initiated a procedure for Reznik’s properties sale, which is due to come to completion in six months. The Court made their decision last October, as creditors had submitted a request filing for the entrepreneur bankruptcy. Reznik’s financial problems have been going on for a while. Several banks and some companies have been claiming his money. On April 6, 2017, the Court initiated a procedure for debt restructuring upon request issued by ATB Bank. Later on, Alfa Bank and various companies and Russian banks joined it, last 31 May, as they submitted a petition, to Moscow Commercial Court, to be added to the list of creditors. One of Alfa Bank’s representatives confirmed, while talking to Vedemosti magazine, that “Carlo Pazolini’s problems arose because of currency fluctuations, along with decreasing sales”. Carlo Pazolini, which is also a renowned brand in Italy, is one of the most important Russian retailers. According to Euromonitor International, at the end of 2015 the brand’s turnover amounted to 7,3 billion rubles (105 million euros).