Moscow Arbitration Court declared ZAO Tsifrograd, a mobile phones and consumer electronics chain, bankrupt last week, so the company will now have to undergo bankruptcy proceedings, Kommersant reports.

ZAO Tsifrograd applied for bankruptcy in August 2009. On October 23, 2009, the arbitration court placed the company on bankruptcy watch and appointed Mikhail Vasilega the debtor’s provisional trustee in bankruptcy. During the court session on May 13, 2010, Mikhail Vasilega was appointed trustee in bankruptcy with full authority.

The company now has six creditors, whose claims amount to about 940 million RUR. However, the only asset the bankrupt company owns is the office equipment, Kommersant refers to the trustee in bankruptcy as saying.

All of Tsifrograd’s daughter enterprises are currently undergoing bankruptcy proceedings as well.