The procedure initiated by the company includes a temporary moratorium affecting 125 creditors.

BestByte aims to avoid insolvency through store closures, layoffs, cost cuts and inventory reductions, while strengthening its online sales channel.

According to Forbes, the company has informed its suppliers of planned measures. The company cited slow inventory turnover, accumulated stock and the high fixed costs of operating its store network as the main reasons for its financial problems.

The retailer was ranked 11th by turnover in Hungary’s e-commerce market in 2024, according to PwC Hungary, and fifth among fully Hungarian-owned companies.

The sector has faced mounting difficulties, with electronics retailer Aqua recently undergoing a similar crisis that ended in a change of ownership, Forbes recalls.
 

MTI Stock Photo - for illustrative purposes only

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