After SPAR insolvency, Cuc siblings are now out of Philip Morris's distribution system
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).