Fozzy Group is going to set its shops on the place of “Amstore”

Fozzy Group is going to set its shops on the place of “Amstore”

Fozzy Group company, retail product operator, is going to set its “Silpo” shops on the places of 20 “Amstor” sales outlets, owned by “Smart Holding”

According to “Retail Community”, both companies have already signed the needed memorandum and general agreement, which provides rental contracts for each shop.  The requirements of the agreement imply maintaining “Amstore” name of shopping centers. “Silpo” sign of the shops will appear in August. New directing will also try not to change the staff of the shop.

Managing director of “Smart Holding”, Alexey Timofeev mentions, that his company has done a lot to restore infrastructure of the distribution network and found co-investors for its development. “Smart Holding” kept jobs of sopping centers` workers and, invested more than 150 mln UAH in sops` development. Alexey Timofeev expressed confidence in mutually profitable cooperation with huge players of Ukrainian Fozzy Group retail market.

As of April, “Amstor” ran into debt of $160 mln to the banks, and approximately 300-400 mln UAH to suppliers. Starting with the May of 2014, “Amstore” stopped repaying the loan, and since autumn it stopped paying to suppliers. 70%  of “Amstore” company belongs to “Smart Holding” of Vadim Novinskiy, other 15% are owned by Vladimir and Alexander  Vagorovskie.  

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