Studenac, a retail chain with stores across Croatia, filed a request to open pre-bankruptcy proceedings on September 23.

This does not yet mean that the court has opened the proceedings or that the stores will stop operating. The company's financial problems were highlighted a day earlier by Tihana Tomičić in Novi list, which then also published the news about the submitted request.

How did the chain end up in this situation?

Studenac expanded rapidly in recent years, opening stores and acquiring smaller chains. By the end of 2025, it had 1,411 stores and 7,149 employees, but it financed a large part of its growth through borrowing. The plan to raise around 80 million euros through a stock market listing in 2024 was not realized. The expansion continued, and financial obligations grew faster than the business could sustain.

Studenac's revenue in 2025 rose to 854.4 million euros, but the company simultaneously recorded a net loss of 30.6 million euros. At the end of the year, it had nearly 450 million euros in bank debt and loan obligations. Separately from that, liabilities to suppliers amounted to 171.8 million euros. Novi list also cites unofficial confirmations of overdue debts to suppliers, which means the pressure had become visible even outside the accounting books.

What does the request for pre-bankruptcy mean?

Pre-bankruptcy is an attempt for a company to reach an agreement with creditors on settling debts and continue operating. For now, Studenac has submitted a request, and the court must decide whether to open the proceedings. If the proceedings are opened, the agreement with banks and suppliers will be important for the further outcome: under what conditions the debts will be repaid and whether the business can remain sustainable in the process.

What about the workers and the stores?

Studenac says that employees will continue working, stores will remain open, and products will be available to customers while they await the court's decision and prepare a restructuring plan. This is important news for more than 7,000 workers, but also for the places where Studenac is one of the everyday stores. Submitting the request is only the beginning: the answer to what will happen to the chain will depend on the court's decision and on whether the company can reach a workable agreement with creditors.