Local hypermarket chain Pic enters insolvency

The chain is owned by Ilie and Cornel Penescu. The latter was arrested and jailed earlier this year in a football corruption scandal. His 18-year-old son Andrei took over his position in the business and tried to restructure it along with Ilie Penescu. Penescu’s imprisonment created panic amongst suppliers and creditors, according to the company. Previous statements revealed the firm was in EUR 40 million of debt and had EUR 200 million of assets that could be sold to pay it off. Pic has a network of five hypermarkets in Romania. This is not the first bankruptcy this year in Romania. IT&C retailer K Tech Ultra Pro is currently insolvent, while the owners of the Spar supermarket network are currently under reorganization after entering insolvency earlier this year. The Trident chain of supermarkets in Sibiu and footwear retailer Leonardo are in a similar predicament. 
Corina Saceanu