Polish investment takes the shine off Spar results
Retailer expects its struggling business in Poland to turn around by 2023
Spar, which recorded a drop in half-year profit, expects its struggling Polish business to break even in two years.
In 2019 Spar bought 80% of the ailing Piotr i Paweł Polish retailer and wholesaler, which runs 77 delicatessens and supermarkets, for €1. The loss-making business, which is being restructured into Spar-branded stores, has been affected by the reduced footfall in mall-based stores because of the Covid-19 lockdowns. The Piotr i Paweł retailer was also hampered by the closure of the courts, making it impossible to complete business rescue proceedings...