MOSMART closes down c-store chain

In Russia, Mosmart is going to close all its 54 Mosmartik convenience stores in order to gain funds to refinance its debts. As the owner of the company Michael Bezelaynasky revealed, the banner has not reached breakeven and is making around USD100 million in losses. However, Mosmart plans to continue the development of Mosmart hypermarkets. It is going to open four stores by the end of this year and it hopes to open up to 20 stores in 2009-2010.

www.planetretail.net