Croatian retail chain Studenac is closing 104 outlets, halting wholesale operations and shedding administrative staff as part of pre-bankruptcy restructuring.
According to the translated version of a report by state-owned Croatian Radio and Television (HRT), the branch closures impact 335 workers across Croatia.
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Studenac has given all affected personnel the opportunity to relocate to outlets that remain open.
The company will maintain a network of 1,165 retail locations.
Studenac is also lowering its administrative headcount by roughly 40%, representing 185 posts.
Wholesale will cease operating as an independent business division while the retailer centres its attention on the shop network.
As per the report, Teo Vujčić has stepped in as president of the Studenac management board.
Vujčić was quoted as saying: “Our goal is to build a business that will be cost-optimised, which will provide us with the conditions for financial stability. This requires us to adapt the organisation and network of stores to the company’s real capabilities.”
Studenac stated that these adjustments are intended to assist the long-term stabilisation of its activities.
The overhaul follows doubts surrounding the retailer’s ability to meet its commitments to suppliers. The company owes those suppliers around €60m.
Suppliers have until 28 October to present their claims to FINA, the Croatian financial agency.
A restructuring programme will be drafted once the claims procedure concludes. Creditors will cast votes on the blueprint, with the court delivering the conclusive ruling.
SeeNews, citing Croatian daily Jutarnji List, reported that Studenac entered pre-bankruptcy proceedings last month to settle debts to creditors and create conditions for continuing operations.
Poland’s CEE-focused Enterprise Investors took ownership of the business in 2018, leading to aggressive nationwide expansion through acquisitions alongside organic development.
Studenac achieved its initial overseas market entry in 2024 through the takeover of Slovenia’s Kea.
