March 21 (SeeNews) - Bulgarian-based company Select Trade, which operates as a franchisee of cash-strapped local supermarket chain Piccadilly, said on Tuesday it is seeking options to fully pay the wages of its employees for the month of February.
"Insolvency proceedings against Piccadilly have a negative impact on the operations of Select Trade. The decision of a significant part of the company's employees to terminate their contracts due to delayed wage payments over the past few months further impedes the normal operations of the company," Select Trade said in a statement.
In February, the Sofia City Court launched insolvency proceedings against Piccadilly. The chain has 13 supermarkets in the country, according to information posted on Piccadilly's website.
Sofia-based Select Trade is fully owned by Luxembourg-registered BK Finance.
Piccadilly is owned by locally-registered company AP Mart which on its part is owned by Luxembourg-registered European Retail Investment, according to data from the Bulgarian commercial registry.