The shareholders of the insolvent Pic hypermarket chain have dropped the plans to reopen stores in Craiova and Pitesti, announced two months ago.

"We are currently in a wait-and-see mode because of my brother's arrest (Cornel Penescu i.e.) and because of unfavourable market circumstances," said Ilie Penescu, co-owner of the Pic group in Pitesti.

Cornel Penescu, financer of the FC Arges football team and co-owner of the Pic group, and Liviu Facaleata - the company's former manager - were released from prison at the beginning of the year, after nearly nine months under arrest, being charged with bribing football referees. They were arrested again in May, only a few weeks after the announcement that Pic stores would reopen, but have in the meantime been released after their lawyers appealed the arrest.

The shareholders of the insolvent Pic hypermarket chain have dropped the plans to reopen stores in Craiova and Pitesti, announced two months ago.

"We are currently in a wait-and-see mode because of my brother's arrest (Cornel Penescu i.e.) and because of unfavourable market circumstances," said Ilie Penescu, co-owner of the Pic group in Pitesti.

Cornel Penescu, financer of the FC Arges football team and co-owner of the Pic group, and Liviu Facaleata - the company's former manager - were released from prison at the beginning of the year, after nearly nine months under arrest, being charged with bribing football referees. They were arrested again in May, only a few weeks after the announcement that Pic stores would reopen, but have in the meantime been released after their lawyers appealed the arrest.