5 Apr 2010 16:24

Sedmoi Kontinent closes three stores; maintains investment program

MOSCOW. April 5 (Interfax) - Sedmoi Kontinent (Seventh Continent) , which operates a chain of 143 grocery stores, plans to close three stores in Moscow and Moscow region due to their "unsatisfactory financial indicators," the company said in a statement.

It will close a store in the town of Dmitrov outside Moscow and another on the Volokolamskoye Highway.

It will also close the store in the Atrium shopping center on downtown Moscow's Garden Ring "due to the refusal to extend the lease in favor of obtaining ownership of a similar location. X5 Retail Group will occupy the space with one of its Perekrestok supermarkets.

Sedmoi Kontinent closed a store in Perm earlier this year.

The closures do not mean the company plans to reduce its investment program, which includes opening three hypermarkets in Vologda, Obninsk and Reutov and 11 supermarkets, the company told Interfax.

Sedmoi Kontinent had 133 supermarkets and 10 hypermarkets in operation at the end of February. Revenue in January-February totaled 7.98 billion rubles, 10.9% more than in the same period last year.