Studenac files for pre-bankruptcy proceedings as debt pressure mounts

(Photo: Studenac)

ZAGREB, 25 September 2026 (Hina) – One of Croatia’s biggest retail chains, Studenac, has filed a proposal to open pre-bankruptcy proceedings as the company faces difficulties meeting its financial obligations.

The company said it had taken the step after being unable to agree extensions to existing credit arrangements, with the aim of creating a framework to restructure its finances and reach an agreement with creditors.

Studenac said it expects the Commercial Court to make a formal decision on opening the proceedings within the legally prescribed deadlines.

The company’s bank account has been blocked, according to financial data from Fina, while Studenac says its stores remain open and operations continue.

The retailer employs more than 7,000 people and has a network of more than 1,400 stores across Croatia, including in smaller towns and communities.

Studenac said it had already begun working on a restructuring plan and hopes to reach an agreement with banks, suppliers and other creditors through the pre-bankruptcy process.

The move follows a period of rapid expansion and increasing debt.

According to Fina data, Studenac generated €854.4 million in revenue in 2025, an increase of 12.7% compared with the previous year. However, the company recorded a net loss of €30.6 million.

EBITDA fell from €65.8 million in 2024 to €51.8 million in 2025, while EBIT moved from a €22.5 million profit to a €5.4 million loss.

At the end of 2025, Studenac had around €288.9 million in bank debt and a further €160.5 million in loan liabilities, bringing the combined figure close to €450 million.

The company has been owned since 2018 by Polish private-equity investor Enterprise Investors, through Polish Enterprise Fund VIII.

Studenac expanded rapidly in recent years through acquisitions and the opening of new stores. A planned stock-market listing in 2024 did not go ahead, leaving the company to continue its expansion without the additional capital that an IPO could have provided.

What happens next?

Pre-bankruptcy proceedings are intended to give a company and its creditors a legal framework in which debts can be restructured and an agreement reached, while allowing the business to continue operating.

Economic analyst Damir Novotny, commenting to Hina, attributed Studenac’s current situation to what he described as an unsuccessful expansion strategy and insufficient profitability.

Novotny outlined several possible restructuring scenarios, including reducing debt through an agreement with creditors, a significant capital injection by the existing owner, or the arrival of a strategic investor prepared to recapitalise and restructure the company.

He also said a restructuring could potentially involve changes to the number of employees, greater automation and a reduction in the number of stores.

These are scenarios put forward by Novotny and do not represent a restructuring plan announced by Studenac.

For now, the company says it is continuing to operate while awaiting the court’s decision on the opening of the pre-bankruptcy proceedings.

The outcome of the process will determine how Studenac’s debts are restructured and what measures will be required to stabilise the retailer’s finances.