Greek retailer Sprider, with 13 stores still under its brand but not its control in Romania, has filed for bankruptcy in its home country. The company’s board was recently accused of being responsible for a fire which destroyed its warehouse in Greece. According to the prosecutor who made the accusation, the company wanted to cash in the EUR 16 million insurance claim on the warehouse.
Mid-last year, Sprider sold its Romanian subsidiary for some EUR 640,000 to Cyprus – based Naqua Investments, but the Sprider brand remained at the local stores. The Romanian company had generated a loss of EUR 3.2 million in 2011, and had sales of EUR 5.9 million during that year.
When it pulled out of Romania, the Greek retailer said it wanted to focus on the home country operations.