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ZF English

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

After SPAR insolvency, Cuc siblings are now out of Philip Morris's distribution system
01.06.2010, 21:23 9

Astral Impex distributor, held by siblings Ioan and Floare Cucin Arad, which financed the SPAR supermarket chain's expansion, hasbeen left without its cigarettes division, which could drive itsturnover down by 50 million euros, according to ZF estimates.
Siblings Ioan and Floare Cuc in Arad, owners of the local SPARsupermarket and of distributor Astral Impex, ended theirpartnership with the producer of Marlboro cigarettes, which broughtthem revenues put at around 50 million euros in 2009, i.e. around athird of the turnover.
The exit from the distribution system of Philip Morris, a companywith 516 million euros in sales lat year, comes around half a yearafter the SPAR supermarket operator filed for insolvency.
Astral Impex is Cuc siblings' biggest business, with 172 millioneuros in turnover in 2008 and 650 employees.
Astral Impex is now one of the main creditors of SPAR SRL operatorin Arad, which owes it around 25.6 million RON (6 millioneuros).

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