Piccadilly declared insolvent in Bulgaria | Progresiv
Bulgarian supermarket chain Piccadilly has been declared insolvent, and a court has appointed a temporary receiver to the business. The company owes around 86 million leva (42.9 million euros) of debt towards the state, banks and suppliers, reports local weekly Capital. A general meeting of creditors has been convened for April. 
In 2013, Piccadilly operated 40 stores throughout Bulgaria, while this recently dropped to just 16, located in Sofia and Varna.
Last December, Piccadilly opened a 3,600-square-metre hypermarket in the Paradise City Shopping Mall in Sofia.
After a succession of changes of ownership in recent years (including Serbia’s Delta Holding and Belgium’s Delhaize), the retailer is currently owned by local company Select Trade. (www.esmmagazine.com)
