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Business and Politics

A Pre-bankruptcy Procedure Opened for Studenac, Business Normalization Follows

Author: Manuela Tašler

September 29, 2026

<p>Uprava Studenca: Mikolaj Chrzszczewski, Ivan Slavica, Michal Senczuk i Matija Subašić Maras</p>

Uprava Studenca: Mikolaj Chrzszczewski, Ivan Slavica, Michal Senczuk i Matija Subašić Maras / Image by: foto

Just as the press briefing called by the Management of Studenac was concluding, aimed at explaining the circumstances that led to the proposal for opening a pre-bankruptcy procedure, news arrived that Studenac’s creditor A&G logistics 01 suddenly withdrew its proposal for opening bankruptcy proceedings against Studenac, and an hour later, news came that the Commercial Court in Split had issued a decision to open a pre-bankruptcy procedure against Studenac.

– The Court’s decision is an important first step towards stabilizing Studenac’s operations, but we are aware that there is still much work ahead of us. Opening a pre-bankruptcy procedure gives us a structured framework in which we can work together with creditors on a sustainable solution and create conditions for the long-term stability of the company.

Our immediate priority is to stabilize operations and supply, re-establish stable relationships with suppliers, and achieve a sustainable agreement through open and constructive dialogue with banks, suppliers, and other creditors. We especially thank our employees for their dedication during this challenging period, as well as suppliers, partners, and creditors for their patience and cooperation. We face a demanding process ahead, but we believe in Studenac’s business and are now fully focused on creating conditions for its recovery and long-term sustainable operations – said Michal Senczuk, CEO of Studenac.

What went wrong?

With the opening of the pre-bankruptcy procedure, Studenac’s accounts will be unblocked, allowing it to continue normal operations, which have recently been jeopardized by the inability to pay suppliers, leading to the suspension of deliveries from certain suppliers. Salaries for employees, around seven thousand, are not yet delayed.

– Our priority is to ensure the sustainable operation of Studenac and protect the people who depend on it. We want Studenac to continue operating, to preserve jobs, to re-establish financial stability, and to create conditions for the orderly settlement of obligations. Every day is important for us at this moment – emphasized Senczuk, who was joined at the press briefing by Ivan Slavica, a member of the Management and Chief Commercial Officer, Matija Subašić Maras, a member of the Management responsible for human resources, and Mikolaj Chruszczewski, the newly appointed Chief Financial Officer.

What led a company that has strongly grown through acquisitions and the opening of new stores in recent years to seek a way out of financial troubles in pre-bankruptcy? The Management listed several external and internal factors that combined resulted in a debt to banks of approximately 450 million euros.

The growth from 380 stores in 2018 to over 1,400 stores last year required significant investments financed by short-term loans; inflation affected profit margins; last year turned out to be much worse for Studenac than the Management had planned, partly due to consumer boycotts – partly due to changes in consumer habits (an increase in the tendency to fill large carts rather than small baskets in stores, which Studenac mostly operates), and expectations from tourism were much higher than what was ultimately realized. Business results in 2025 were thus not in line with expectations, and at the same time, it was not possible to extend short-term sources of financing, leading to liquidity pressure and an increase in obligations to suppliers.

Since the owner of Studenac, the Polish fund Enterprise Investors, has no free funds for Studenac, as its assets are fully engaged, the pre-bankruptcy procedure is the only option. The pre-bankruptcy procedure would allow the company to work in a structured framework to reach agreements with banks, suppliers, and other creditors and to restructure its operations.

The business model essentially remains the same

Despite acknowledging that the business model based on a wide network of smaller stores close to customers requires significant investments and careful management, the Management of Studenac still believes that such a business model can be sustainable in the long term, although not exactly in the way it has been done so far.

The financial collapse did not happen overnight! An excessive number of individually unprofitable stores was recognized as a problem much earlier, so Studenac initiated a business improvement program late last year, which included the closure of 170 stores, of which about a hundred have since been closed. About 400 employees who have lost their jobs so far have been reassigned within the company. Of the seven thousand employees of Studenac, 23 percent are foreign nationals, and the Management claims that they will not be laid off either.