X5 Retail CEO warns many Russian grocers might close down

X5 Retail Group CEO Lev Khasis has reportedly said the credit crisis might force roughly 25% of Russia's smaller grocery stores out of business. The problem is a shortage of credit. The problem of empty shelves is the problem of companies that will go bankrupt," Khasis said. "Up to [25%] of stores that are not big chains probably will not survive this year. Fortunately it's not a long-term situation. Some successors will take these stores and open again."

www.planetretail.net