STAR TO CONTINUE ITS RETAIL TRADE ACTIVITIES BUT IN A NEW BUSINESS FORMAT
ARMINFO
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 ~V 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.