"We have been in negotiations for takeover of the stores since October of 2015 and have already turned to Bulgaria's competition authorities over the deal. (…) We should get the decision at the end of July at the latest, and in such case we plan to launch operations in these stores before the end of this year," Giedrius Juozapavicius, the head of corporate affairs at Maxima Grupe.
In his words, the stores will be taken over from Rila Project, the company managing the real estate of the Penny chain – some of the stores will be purchased and the rest will be leased. With the deal closed, Maxima Bulgaria will expand its T-Market network in Bulgaria to 60 stores.
Juozapavicius said the value of the deal was withheld, with more information to be provided after it is closed.
According to calculations of the Bulgarian portal capital.bg, the deal will make Maxima Bulgaria the 3rd-largest retail chain in Bulgaria by the number of stores, leaving behind Kaufland with 55 stores. Bulgaria's largest chains are Billa Bulgaria with 102 stores and Lidl with 79.
