YEREVAN. – The STAR retail network of Armenia will soon commence a bankruptcy process by legal means. 

ArmInfo news agency informs the aforesaid, citing the reliable sources that work within the network.  

According to the source, the network will turn into separate food stores. 

To note, Viest Assets Ltd—which is an offshore company that is registered in the British Virgin Islands—is the largest shareholder of STAR retail network.

In September 2011, the STAR Divide company acquired the network of Fresh supermarkets and the Catherine stores, and thus it became Armenia’s largest retailer, with thirty supermarkets. 

In mid-2012, however, the executives at the network were changed, and Teodora Ticeric—a specialist from Serbia—was appointed as the new CEO at STAR. But she inherited huge debts to the suppliers.