SPAR shareholders close five stores

The SPAR supermarket chain in Arad, which is facing major
financial problems, is now left with 10 stores operated directly
and another four operated under franchise, after relinquishing five
stores developed by Morava investment fund. “SPAR has vacated the
stores in Odorheiu Secuiesc, Hateg, Orsova, Deva and Medias. We
have not renegotiated rent for these spaces with the retailer,”
specified representatives of Morava, a company held by Portico
Investments. The investment fund could bring other supermarket
chains into the spaces left vacant. Morava had been the leading
partner for developing the SPAR chain until 2008. SPAR SRL in Arad,
the company that holds the licence for operating Dutch retail brand
SPAR on the Romanian market, has been undergoing reorganisation for
around four months, after its shareholders, siblings Adrian and
Floare Cuc, filed for insolvency. This year the number of stores
operated by SPAR SRL has been cut in half.