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Photo: facebook.com/piccadillysupermarket
The owners of Bulgaria’s supermarket chain Piccadilly and the Carrefour franchise agreed to merge the two retail chains in Bulgaria.
According to Dnevnik.bg, the two owners, the Bulgarian company AP Mart and Greek franchise of Carrefour, KMB Bulgaria, will establish a new joint venture.
In this and next year the capital of the new company will be increased by BGN 46 M, in order to stabilise the business and improve the payments to suppliers.
The new company will have a network of 75 stores and more than 3000 employees.
The deal is subject to approval by Bulgaria’s competition watchdog.
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