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 operatd 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 Serbias Delta Holding and Belgiums Delhaize), the retailer is currently owned by local company Se…
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