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Studenac retail chain files for pre-bankruptcy in Croatia
The Croatian retail chain Studenac has filed for pre-bankruptcy proceedings to address severe financial instability and negotiate with creditors. The company, which operates approximately 1,400 stores and employs over 7,000 people, has faced mounting pressure due to aggressive expansion financed through heavy borrowing.
By the end of 2025, Studenac's total debt to banks and loans reached nearly 450 million euros. Additionally, unofficial reports indicate that debts owed to major suppliers, including Fortenova, Podravka, and Atlantic Grupa, have exceeded 170 million euros. In response to these liquidity issues, the company has already begun closing some of its retail locations.
The financial crisis follows a failed attempt in 2024 to raise 80 million euros through an initial public offering (IPO) on the Zagreb and Warsaw stock exchanges. The company is owned by the Polish private equity fund Enterprise Investors, which acquired it in 2018. Notably, the request for pre-bankruptcy proceedings comes just nine days after the appointment of Mikolaj Chruszczewski as the new Chief Financial Officer.
Entities
Atlantic Grupa · Enterprise Investors · Fortenova · Podravka · Studenac
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 5 SOURCES] The Polish private equity fund Enterprise Investors has owned the company since 2018. www.mojkraj.hr · www.poduzetnistvo.org · www.dnevno.hr · www.telegram.hr · www.index.hr
- [● 4 SOURCES] A planned 80 million euro IPO in 2024 was not completed. www.mojkraj.hr · www.poduzetnistvo.org · www.dnevno.hr · www.telegram.hr
- [● 5 SOURCES] The company operates approximately 1,400 stores and employs over 7,000 people. www.mojkraj.hr · www.poduzetnistvo.org · www.dnevno.hr · www.telegram.hr · www.index.hr
- [○ 1 SOURCE] Mikolaj Chruszczewski was appointed as CFO on September 14, nine days before the pre-bankruptcy request. lidermedia.hr
- [● 5 SOURCES] The retail chain has begun closing some of its stores due to financial pressure. www.mojkraj.hr · www.poduzetnistvo.org · www.dnevno.hr · www.telegram.hr · www.index.hr
- [● 4 SOURCES] Studenac has filed a request to open pre-bankruptcy proceedings to stabilize operations and negotiate with creditors. www.mojkraj.hr · www.dnevno.hr · lidermedia.hr · www.index.hr
- [● 5 SOURCES] Debts to suppliers have reportedly exceeded 170 million euros. www.mojkraj.hr · www.poduzetnistvo.org · www.dnevno.hr · www.telegram.hr · www.index.hr
- [● 5 SOURCES] The company's total debt to banks and loans amounted to nearly 450 million euros by the end of 2025. www.mojkraj.hr · www.poduzetnistvo.org · www.dnevno.hr · www.telegram.hr · www.index.hr