Holiday company introduced bankruptcy procedure

The Siberian retailer, suffering financial catastrophe, can not cope with the debt burden.
The Arbitration Court of the Novosibirsk Region introduced a surveillance in the company Holiday, once one of the largest Siberian food retailers, whose accounts payable is about 3 billion rubles. The company has not coped with the credit load, its withdrawal from the market will increase revenue from competitors, market participants say.

The Arbitration Court of the Novosibirsk Region introduced a procedure of observation in the Holiday Company for six months - until January 25, 2019 - on the suit of the main creditor - Alfa Bank, to which the retailer owed 2.8 billion rubles. To date, several dozen companies have entered the "Holiday" bankruptcy case. In addition to him, Rosselkhozbank is also the pledge creditor of the company (so far it has not entered into the bankruptcy case).

At the court session, the representative of Holiday, Irina Grebneva, said that the grounds for introducing bankruptcy proceedings are: "We believe that the procedure should be introduced. The situation in the company is heavy, considering that it has obligations, including the budget. " At the same time, Ms. Grebneva noted that Holiday has a large number of unsettled property that overrides the requirements.

Bankruptcy is a chance to keep current activities and enter the world with creditors. Now we have no debts on wages, on taxes. We have hundreds of real estate in several regions, employing 5,000 people, "Ms. Grebneva said in the courtroom.

Holiday is one of the largest Siberian retailers. Its network has about 390 stores (a year ago it was about 500). According to SPARK-Interfax, the revenue of Holiday Company LLC in 2016 is 56.4 billion rubles. (-2.3 billion rubles by 2015), accounts payable as of January 1, 2017 - 25.7 billion rubles. For 9 months of 2017 the company's revenue decreased by 12.4% compared to the same period in 2016 - to 36.4 billion rubles., The profit from sales fell by 19.5% to 442 million rubles. "Holiday" received a net loss of 1.5 billion rubles. The main owner is H.S.R. Holiday Siberiada Retailing Group Limited with a share of 99.92%.

Claims against the company began to enter the court in 2017. In November last year, owner of the company Nikolai Skorokhodov told Kommersant that the company put up for sale all its supermarkets and hypermarkets - more than 150 objects with a total area of ​​about 300 thousand square meters. m. This decision, he explained the retailer plans to focus on the mono format. Since 2018, soft discounters "Holdy" and hard discounter "Boom", as well as "Farmer-center" supermarkets, have been opened at Holiday stores. In January, commenting on the company's development, Mr. Skorokhodov noted that the rate was set for the development of their own brands, the share of which in the company's turnover exceeded 70%. At present, part of the retailer's stores are closed before the settlement of relations with banks, Mr. Skorokhodov explained earlier.

The company did not cope with the credit burden, said Viktor Shkurenko, CEO and owner of TD Shkurenko (Omsk Oblast): "In periods of economic growth, debt to banks in four EBITDA is considered normal, during the crisis this indicator is estimated by banks as the bankruptcy of the borrower. In the situation of a prolonged economic recession, the revenue falls and the credited company falls into the trap. "

According to the owner of Nazarov & Partners Alexander Nazarov, the sale of the company's assets will help to block the debts it has incurred. The demand for retail properties is high today, he says: "In recent years, regional retail has been actively developing, in addition, federal networks have come. The premises are small, the struggle for shops does not decrease. No more or less interesting commercial object is not delayed in the market. " Interest in the assets of Holiday can be shown first of all by its competitors - Magnit, Pyaterochka, Lenta, Maria Ra, as well as the owners of the rental business, says Mr. Nazarov.

Retailers themselves believe that the company has virtually no chance to restore its position. "We are interested in purchasing stores" Holiday "at an adequate price. And not just us. However, the prices for assets put up for sale today are significantly overstated, in addition, all potential buyers are stopped by the bankruptcy case of the company - all transactions can be challenged, "says Viktor Shkurenko, general director and owner of TD Shkurenko (Omsk Region). "Holiday" will increase revenue from other market participants, he believes: "The company gradually gave up its positions, closing stores, and part of the flow of customers has already been redistributed to other networks."