Business News


Merkur Says 2009 Loss EUR 148M

Ljubljana, 20 September (STA) - Merkur, the hardware retailer and wholesaler which declared insolvency last week, announced on Monday that it had downgraded its 2009 loss to EUR 148m due to massive impairments.

The group had to write down nearly EUR 137m in claims to add to the EUR 11.5m in operating loss from last year, chief supervisor Matevz Slapnicar told the press in Ljubljana.

The findings were made in a review conducted by the new management of the group as part of restructuring.

The group has also had to write down its assets, which were down from EUR 120m at the end of last year to EUR 32m after the first half of this year.

These findings had prompted the management to declare insolvency last week.

Meeting to review the figures today, the supervisory board decided to postpone a decision on whether it would file damages claims against the former management headed by Bine Kordez pending further review.

The supervisors also reviewed a blueprint for restructuring, which envisages the sale of parts of the group. Slapnicar said the plan focused on improving efficiency of operations.

Meanwhile, Merkur chairman Bojan Knuplez said that the management was battling time in trying to salvage the group.

"The restructuring must be sped up, because we're entering a phase when things can no longer be fixed," he warned.

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