Bulgarian supermarket chain Piccadilly has been declared insolvent, and a court has appointed a temporary receiver to the business.
The company owes around BGN 86 million (€42.9 million) of debt towards the state, banks and suppliers, reports local weekly Capital.
A general meeting of creditors has been convened for April.
In 2013, Piccadilly operated 40 stores throughout Bulgaria, while this recently dropped to just 16, located in Sofia and Varna.
Last December, Piccadilly opened a 3,600-square-metre hypermarket in the Paradise City Shopping Mall in Sofia.
After a succession of changes of ownership in recent years (including Serbia’s Delta Holding and Belgium’s Delhaize), the retailer is currently owned by local company Select Trade.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.
