Metrika closes numerous stores

The Russian DIY chain Metrika has closed down numerous stores. From the 112 stores at the end of the year, just 68 are still open. Financial problems at the parent company SBR are supposed to be the reason for the demise, as reported by the business newspaper Delevoi Peterburg. Last year Metrika struggled with sharp revenue declines. The newspaper also adds, that rumour has it, that suppliers are going to court with claims as high as a half a billion roubles. In March and April 2015 alone, 15 claims amounting to RUB 58 mio were settled. Seemingly, two insolvency petitions were averted in April.
In light of these problems, the suppliers have been hesitant in taking up deliveries again. This forced SBR to close down some of the Metrika stores, so that the goods from these locations could be distributed to the remaining stores in operation.
There is no information as to the exact amount of the debt, but it was estimated to be around RUB 3.5 bn at the end of 2014. The newspaper quotes Michail Burmistrov, head of the market research institute Infoline, according to whom; Metrika’s current problems are due to them using up large amounts of capital for the aggressive expansion of their branch network in the second half of 2014, despite the financial crisis.