STAR trade chain will shortly launch the bankruptcy procedure by legal means. ArmInfo has been told by reliable sources working with the trade chain that the restructuring of STAR, which was a large trade chain once, has been completed and is restricted to division of the chain into separate food stores.
To recall, earlier STAR CEO Theodore Ticherich told ArmInfo that STAR had introduced a new model of retail business, which would allow solving the problems of the trade chain. She refuted the rumors that the European company Intermax Limited was going to become an investment partner of STAR. She confirmed that STAR was negotiating with new foreign investors. She added that depending on the commercial opportunities and the suppliers' willingness to cooperate with the company, the debt to the suppliers would be redeemed stage by stage within 2013-2014. Theodore Ticherich assured that the first results of the efforts on stabilization of the situation in the company would be observed within the following 6-9 months. She added that STAR intended to change the distribution system, which would result in the change of the price policy and assortment.
To recall, STAR trade chain changed its shareholder in August 2011. It was Viest Assets Ltd. In September 2011 STAR Divide acquired the network of Fresh supermarkets and Catherine stores. By that time the trade chain numbered 30 supermarkets. In mid 2012 Theodore Ticherich (specialist from Serbia) was appointed new CEO at STAR. She "inherited" big debts to suppliers and a number of unprofitable branches, whose activities have been suspended under the optimization policy.