Mere retail group faces widespread European closures

The Russian-backed discount retail chain Mere and its brand Basket Plus are facing widespread closures across Europe. In Hungary, the single Basket Plus store in Budapest has suspended operations, citing technical problems, despite the company's previous plans to expand to 200 locations.

Similar shutdowns are occurring in several other countries. In Slovakia, all Mere stores have suspended operations. In the Baltic states, the impact is significant: all 12 Mere locations in Latvia have closed, and nearly 30 stores in Lithuania have ceased operations, affecting approximately 250 jobs. In the Czech Republic, authorities have frozen shares of the local Mere network linked to the Schneider family.

While the companies often cite technical issues, the closures coincide with European Union sanctions against Sergey Schneider, one of the owners of the group behind the Mere and Svetofor chains. In Lithuania, authorities are also investigating whether the group is attempting to bypass sanctions by operating under a new brand name, Ola.