Trident, the second-largest Romanian food retailer, which filedfor insolvency with 25-26 million euros in debt in August, expectsto end this year with a 30 million-euro turnover. The chaincurrently operates 4 supermarkets, which in 2008 posted a 47million-euro turnover, according to data supplied by thecompany.
"The overall loans taken out during the time when Trident wasdeveloping its operations amount to 21 million euros in all - theinitial repayment schedule has been maintained for some of them,while others have been rescheduled. Debts to suppliers and to someof the business partners amount to around 4-5 million euros," saidthe representatives of the operator of Trident supermarkets.
The retailer's shareholders filed for insolvency shortly after theclosure of the Trident Shopping Center in Sibiu, the biggest realestate project of spouses Constantin and Alina Mateescu. Theyinvested around 15 million euros in the project, for which they gota 10 million-euro loan from Romexterra Bank. Trident shareholdersnow rely on selling real estate assets to reduce its debts.
The Trident supermarket chain in Sibiu, which has been insolventfor around four months, expects a 30 million-euro turnover thisyear, down by almost half against the 55 million euros reported in2008.
The retailer closed a supermarket in Alba Iulia and its onlySibiu-based supermarket, which it opened in April. The company alsogave up plans to expand to Bucharest - this year was set to see theopening of the first Trident supermarket in Bucharest.
"The turnover we expect at the end of this year is 30 millioneuros. The company's management put off the expansion of theTrident chain to Bucharest, focusing instead on streamliningoperations in its four medium-sized and large stores in Medias,Sibiu, Sfantu Gheorghe, and Deva," said representatives of TridentTrans Tex, the chain's operator.
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