Carrefour struggling in Slovakia

Carrefour’s network of hypermarkets in Slovakia has filed for court protection. The regional court in Bratislava has approved the restructuring of its operating company, called Retail Value Stores (RVS). If the court approves restructuring plan in early March, RVS could write off some of its debts generated by its network of five Carrefour hypermarkets. Despite a long-term decrease in revenues, RVS refused to close the hypermarkets, though there are reports that it was falling behind on supplier payments last summer. In 2014, the company reported losses of €6.7m, compared to a €300m profit as recently as 2013. Revenues fell to €62m from more than €100m in 2010.