According to the retailer’s financial report for the first half of 2013, Sprider was operating ten stores in Romania at the beginning of the year and seven were closed down in the first six months.
The company closed 24 stores in Greece, seven in Romania and one in Bulgaria, the report reads.
At the end of June its store network included 61 units: 54 in Greece, three in Romania and four in Bulgaria. The group’s subsidiaries in Romania and Cyprus are currently undergoing liquidation, according to the report.
Sprider Stores entered Romania in 2007 and invested over EUR20 million in its local store network.
The group registered sales of 15.8 million lei (EUR3.5 million) in Romania in 2012, down 37% on the year, and three times higher loss, of RON33 million.
Before the start of the crisis, Sprider was operating 110 stores in Greece, Romania, Bulgaria, Cyprus, Serbia and Poland and reported sales of about EUR160 million. The company started to downsize its network in 2009.
Its overall debts stand at EUR90 million. (EUR1=RON4.456)