Dinu Patriciu could sell Mic.ro to US retailer 7 Eleven

Outstanding debts to suppliers and banks could force local businessman Dinu Patriciu to sell the Mic.ro proximity store network. According to market sources quoted by Mediafax, Patrciu is negotiating the sale of Mic.ro or a possible association with 7 Eleven, the largest proximity store operator in the world.

“Negotiations with 7 Eleven started in the autumn of 2011 and will be finished by March 2012. There is talk of a possible EUR 60 million capital infusion into the Mic.ro network,” markets sources told Mediafax. 7 Eleven was founded in 1927 in the USA and now operates 43,500 stores in 16 countries.

Mic.ro stores were launched in October 2010 with big ambitions for the future.  “If I have a wish, it is that the commerce imported piecemeal from the West should die,” said Patriciu at the time. The businessman previously announced EUR 200 million of investments and plans to open 1,000 fixed shops and 2,000 mobile units by the end of 2011.

Things, however, have not moved as swiftly as he had initially hoped.  In September 2011 there were about 830 Mic.ro stores and 58 Macro and miniMax outlets, all operated by Patriciu’s Mercadia Holland company.

Not only had the initial target of stores not been reached, but existing outlets began to face serious problems. Outstanding debts to suppliers led to tens of companies, including Romaqua Borsec, Dorna Lactate, Dr. Oetker and Ocean Fish, calling for Mercadia Holland’s insolvency in court. Many of the Mic.ro stores have had empty shelves for months now while others were simply closed after the rent was not paid. Suppliers accuse Patriciu of having financed the expansion of the Mic.ro network from their money, as Mic.ro paid them more than 240 days late. Mercadia Holland has also taken out credit worth EUR 45 million from BCR, Unicredit Tiriac Bank and BRD.

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