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STAR to continue its retail trade activities but in a new business format
- Wednesday, February 13, 20:12
STAR Trade Chain will continue its retail trade activities but in a new business format, STAR's Managing Director Teodora Ticeric told ArmInfo when asked to comment on the rumors that the biggest food retailer in Armenia is on the verge of bankruptcy.
She said that STAR has adopted a new model of retail business, which will help it to solve its current tasks. Ticeric refuted the rumors that Intermax Limited form Europe is planning to become STAR's investment partner but confirmed the news that her company is negotiating with new foreign investors.
Ticeric said that STAR started to reduce its personnel in Sept 2012. She said that they are keeping only the best, who are ready to improve their skills. The money saved as a result will be spent on wages and bonuses.
Concerning the rumors that STAR's bank accounts have been seized, Ticeric said that the status of the company's accounts changes depending on the situation with suppliers. She explained that some debts to suppliers have been rescheduled, and this process is still underway. Ticeric said that the debts will be repaid gradually in 2013-2014, with the first results of the company's efforts to solve this problem to be seen in the coming 6-9 months.
Ticeric said that STAR is planning to change its distribution system and consequently its price policy and variety.
In Aug 2011 STAR got a new shareholder, Viest Assets Ltd. In Sept 2011 Star Divide bought Fresh trade chain and Catherine shops to become the biggest retailer in Armenia – a network of as many as 30 supermarkets. Teodora Ticeric was appointed as STAR's Managing Director in mid 2012. She "inherited" big debts to suppliers and a number of unprofitable branches.