Lease agreement for the former PIC S.A. hypermarket in Piteşti

Bucharest, 1 August 2011. PricewaterhouseCoopers Business Recovery Services SPRL, as the court appointed judicial administrator of PIC S.A., has signed a lease agreement for the Piteşti based hypermarket belonging to the former PIC retail network with the company Succes Nic COM. The shop will be reopened in short time under the new Succes label.

This marks the entering of Succes Nic COM on the large retail segment, using its experience gained on the supermarket and minimarket segments.

"Through this lease agreement, PwC has made a decisive step forward in implementing the reorganization strategy of the former PIC S.A. retail network, strategy which will be made public this autumn and which will explain in detail the means to capitalize on the PIC group's assets in the interest of the creditors and of the employees", stated Marius Zidaru, Business Recovery Services Leader, PwC Romania.

The lease agreement concerns only one hypermarket of the former PIC S.A. network, while for the shops in Craiova, Călăraşi, Brăila and Oradea a number of options are being taken into consideration at the moment.

PricewaterhouseCoopers Business Recovery Services SPRL has been appointed the judicial administrator of PIC S.A. in March 2010, after the company had entered in the insolvency procedure at the end of 2009.

"This is a very complex insolvency file in which the PwC Romania team has made a great effort in clarifying the real situation in what concerns the assets of the company and preparing the list of creditors that were entitled to be on the creditor list. We are confident that the reorganization strategy which we will propose will meet the consensus of these creditors and we will be able to capitalize on the assets of the company in a reasonable timeframe in order to optimize recovery for all the parties concerned", concluded Marius Zidaru.

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