Bankrupt Pic hypermarket in Pitesti to be reopened under Succes label

The Pitesti based hypermarket belonging to the Pic retail network will be reopened under the Succes brand, after being leased to Succes Nic COM, according to Pwc, the judiciary administrator for Pic. The lease agreement concerns only one hypermarket of the former PIC S.A. network, while for the shops in Craiova, Călăraşi, Brăila and Oradea a number of options are being taken into consideration. PwC has been appointed the judicial administrator of PIC S.A. in March 2010, after the company had entered in the insolvency procedure at the end of 2009. Pic hypermarkets network went into insolvency on request, on November 16, 2009, because of increasing debts to suppliers, due to declining sales by 30 percent that year. Since January, 2010, the company decided to close all Pic hypermarkets. Irina Popescu, irina.popescu@romania-insider.com