Astral Impex distributor, held by siblings Ioan and Floare Cuc in Arad, which financed the SPAR supermarket chain's expansion, has been left without its cigarettes division, which could drive its turnover down by 50 million euros, according to ZF estimates.
Siblings Ioan and Floare Cuc in Arad, owners of the local SPAR supermarket and of distributor Astral Impex, ended their partnership with the producer of Marlboro cigarettes, which brought them revenues put at around 50 million euros in 2009, i.e. around a third of the turnover.
The exit from the distribution system of Philip Morris, a company with 516 million euros in sales lat year, comes around half a year after the SPAR supermarket operator filed for insolvency.
Astral Impex is Cuc siblings' biggest business, with 172 million euros in turnover in 2008 and 650 employees.
Astral Impex is now one of the main creditors of SPAR SRL operator in Arad, which owes it around 25.6 million RON (6 million euros).
Astral Impex distributor, held by siblings Ioan and Floare Cuc in Arad, which financed the SPAR supermarket chain's expansion, has been left without its cigarettes division, which could drive its turnover down by 50 million euros, according to ZF estimates.
Siblings Ioan and Floare Cuc in Arad, owners of the local SPAR supermarket and of distributor Astral Impex, ended their partnership with the producer of Marlboro cigarettes, which brought them revenues put at around 50 million euros in 2009, i.e. around a third of the turnover.
The exit from the distribution system of Philip Morris, a company with 516 million euros in sales lat year, comes around half a year after the SPAR supermarket operator filed for insolvency.
Astral Impex is Cuc siblings' biggest business, with 172 million euros in turnover in 2008 and 650 employees.
Astral Impex is now one of the
