Russian retail group Seventh Continent may declare bankruptcy in the next several months, local analysts have suggested.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Brady Martyn, of Deutsche Bank, has downgraded Seventh Continent to ‘sell’ due to the devaluation in the company’s shares.
Seventh Continent was the only retailer whose shares Deutsche Bank recommended investors should sell at the current trading price of zero. The main reason for this poor rating was the lack of audited accounts for 2008, Martyn indicated.
According to analysts, finding a strategic Western investor could be one of the possible ways to overcoming the crisis for the company.
There were some rumours about a possible takeover by French Carrefour or even Wal-Mart but no official confirmation has been obtained.
Official sources at Seventh Continent declined to comment.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
