Portuguese supermarket chain Alisuper is again in insolvency proceedings following failed negotiations with creditors.
Alisuper is faced with more than €17 million in arrears, of which €14 million to banks, reports local daily Publico.
At the end of 2015, the company initiated a Special Revitalization Process (PER) to try to negotiate debts with creditors. In January 2016, meetings with banks (Caixa Geral de Depósitos, Montepio and Caixa do Crédito Agrícola Mútuo de Tábua e Douro) ended all hopes of a possible recovery.
According to the trustee appointed to manage the process, Pedro Correia, Alisuper is no longer able to fulfil its obligations, including the payment of salaries of employees.
In addition, last year’s sales were below expectation, with losses of over €2 million and total liabilities exceeding €32 million.
The retailer was purchased in March 2012 for €26 million by Nogueira Group, after insolvency and a recovery plan was put in place supported by the Ministry of Economy.
After the arrival of the new owner, 26 of 81 stores remained active, but financial difficulties, high debt and fall in turnover left the project without margins to continue.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.
