Bankrupt PIC opens second hypermarket under Succes brand, more planned

The former PIC supermarket in Craiova recently reopened under the Succes brand, according to PwC, the judiciary administrator for PIC. This is the second store of the former PIC network opened by Succes Nic COM, after the Piteşti hypermarket, which was reopened in August this year. “This reopening of the Craiova store is in line with PwC’s reorganization strategy for PIC, capitalizing the assets of the company. We won’t stop here though. We are currently in negotiations for the reopening of the other former PIC stores as well,” stated Marius Zidaru, Director of Business Recovery Services Leader with PwC Romania. PwC was appointed the judicial administrator of PIC S.A. in March 2010, after the company entered insolvency procedures at the end of 2009. The PIC hypermarkets network became insolvent in 2009, due increasing debts to suppliers and a 30 percent drop for the year. In January 2010, the company decided to close all PIC hypermarkets. Irina Popescu, irina.popescu@romania-insider.com