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STAR TRADE CHAIN TO SHORTLY LAUNCH BANKRUPTCY PROCEDURE
by Elita Babayan
ARMINFO
Tuesday, July 30, 18:33
STAR trade chain will shortly launch the bankruptcy procedure by
legal means. ArmInfo has been told by reliable sources working with
the trade chain that the restructuring of STAR, which was a large
trade chain once, has been completed and is restricted to division
of the chain into separate food stores.
To recall, earlier STAR CEO Theodore Ticherich told ArmInfo that STAR
had introduced a new model of retail business, which would allow
solving the problems of the trade chain. She refuted the rumors
that the European company Intermax Limited was going to become an
investment partner of STAR. She confirmed that STAR was negotiating
with new foreign investors. She added that depending on the commercial
opportunities and the suppliers' willingness to cooperate with the
company, the debt to the suppliers would be redeemed stage by stage
within 2013-2014. Theodore Ticherich assured that the first results
of the efforts on stabilization of the situation in the company
would be observed within the following 6-9 months. She added that
STAR intended to change the distribution system, which would result
in the change of the price policy and assortment.
To recall, STAR trade chain changed its shareholder in August 2011. It
was Viest Assets Ltd. In September 2011 STAR Divide acquired the
network of Fresh supermarkets and Catherine stores. By that time the
trade chain numbered 30 supermarkets. In mid 2012 Theodore Ticherich
(specialist from Serbia) was appointed new CEO at STAR. She "inherited"
big debts to suppliers and a number of unprofitable branches, whose
activities have been suspended under the optimization policy.
by Elita Babayan
ARMINFO
Tuesday, July 30, 18:33
STAR trade chain will shortly launch the bankruptcy procedure by
legal means. ArmInfo has been told by reliable sources working with
the trade chain that the restructuring of STAR, which was a large
trade chain once, has been completed and is restricted to division
of the chain into separate food stores.
To recall, earlier STAR CEO Theodore Ticherich told ArmInfo that STAR
had introduced a new model of retail business, which would allow
solving the problems of the trade chain. She refuted the rumors
that the European company Intermax Limited was going to become an
investment partner of STAR. She confirmed that STAR was negotiating
with new foreign investors. She added that depending on the commercial
opportunities and the suppliers' willingness to cooperate with the
company, the debt to the suppliers would be redeemed stage by stage
within 2013-2014. Theodore Ticherich assured that the first results
of the efforts on stabilization of the situation in the company
would be observed within the following 6-9 months. She added that
STAR intended to change the distribution system, which would result
in the change of the price policy and assortment.
To recall, STAR trade chain changed its shareholder in August 2011. It
was Viest Assets Ltd. In September 2011 STAR Divide acquired the
network of Fresh supermarkets and Catherine stores. By that time the
trade chain numbered 30 supermarkets. In mid 2012 Theodore Ticherich
(specialist from Serbia) was appointed new CEO at STAR. She "inherited"
big debts to suppliers and a number of unprofitable branches, whose
activities have been suspended under the optimization policy.