Sarcina will take over, for a sum estimated at EUR20 million by ZF, the hypermarkets located in Pitesti, Craiova, Oradea and Calarasi. A decision has not yet been made for the Braila store.
The PIC network, controlled by brothers Ilie and Cornel Penescu, became insolvent at the end of 2009, with debts of EUR78 million, and was placed under the judicial administration of PriceWaterhouse Coopers (PwC).
The reorganization plan of the PIC network provides for the payment in full of debts to employees worth 6.6 million lei (EUR1.5 million), as well as of budget debts of RON11.5 million (EUR2.6 million), while debts backed by real guarantees will be 52% recouped, according to data provided by PwC. On the other hand, unsecured lenders – who mainly include leasing companies and suppliers – will recoup only 7% of the debts.
The Succes store chain, which has now reached over 150 units, posted sales of over EUR30 million in 2010, according to ZF calculations which are based on the company’s overall turnover and on the share of its trade activity in the overall turnover. Under the Succes brand, with overall turnover of EUR50 million in 2010, Sarcina also has operations in oil products trade, constructions, bread production, rental of commercial space and in other sectors. (RON1=EUR4.3745)
(English version by Daniela Stoican)