Iris AD (Bulgaria)

Iris, which was established in 1905, is one of the leading textile manufacturers in Bulgaria.
The company, based in the Danube port of Ruse, conducts its business in two areas: production of cotton and cotton-type fabrics and garment manufacturing.
Its garment section offers workwear, jeans wear and youth lifestyle apparel.
The company's annual production capacity is 5.5 million linear metres of fabrics and 1.2 million pieces of garments.
Iris is a successor of a private enterprise that was nationalised by country's communist regime in 1946.
The disintegration of former communist trade block COMECOM in 1990 did not affect the company operations.
However, an unsuccessful deal with a Yugoslav firm led to a downfall in production and in May 1996 the textile producer was declared insolvent.
In 1997, a 70% stake in the company was acquired by local firm Idea D in a debt-for-equity swap.
The new majority owner covered debts of some USD 1.64 million and pledged to pay another USD 369,165 of the company liabiloities under the law for bad loans settlement (ZUNK).
At present, the company is fully-controlled by Idea D owner - local businessman Bogomil Dimitrov.
Currently, the company is active in the field of investment in business, trade, housing and logistics buildings. It is an investor in Business Park Ruse and is involved into the construction of Mall Ruse, as well.