Mobile phone retailer Cellucom has closed all of its UAE stores and is facing liquidation, it has been reported.
According to a report in the National, the company’s chief executive, Arun Nagar and his brother, Ajay Nagar, are both no longer in the UAE.
The firm’s main shareholder Al Rostamani Group filed for liquidation of Cellucom FZCO and Cellucom LLC last June.
“Having reviewed Cellucom’s business and financial affairs, Al Rostamani Group concluded that the Cellucom companies could no longer sustain themselves as going concerns,” the paper quoted a statement as saying.
“Al Rostamani Group has acted responsibly in the interests of the Cellucom creditors and shareholders in filing the liquidation proceedings.”
The company declined to comment further saying Dubai Courts’ final judgment was pending.
The retailer opened its first shop in 1995 and by 2008 had expanded to about 300, according to its website. The company started closing stores last year.
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