Studenac filed a request for the opening of pre-bankruptcy proceedings today, a move that initiates a process to settle relations with creditors and stabilise the business. The pre-bankruptcy procedure allows the company to attempt to reach an agreement with creditors on the manner and timing of debt repayment, with the aim of continuing operations and avoiding bankruptcy.
Studenac has expanded significantly in recent years, primarily through borrowing. At the end of 2025, the company had bank debt of €288.9 million and loans of €160.5 million, bringing the total to nearly €450 million. Studenac’s short-term liabilities stood at €529.4 million, while short-term assets were €151.4 million. Auditors had warned of 'significant uncertainty' regarding the ability to continue trading.
According to unofficial reports, Studenac has significant outstanding debts to suppliers, including some of the largest domestic manufacturers and distributors. Payables to suppliers have exceeded €170 million, with Fortenova, Podravka, and Atlantic among them. Some suppliers stated that they have not completely halted deliveries, but have reduced them in such situations while waiting for payments to be settled. The company has begun closing some of its stores.
Studenac currently has a network of around 1,400 sales points and employs more than 7,000 people. The company was founded in 1991 in Omiš, but was taken over in 2018 by the Polish private equity fund Enterprise Investors. Since then, a phase of rapid expansion and acquisition of other retail chains has begun, with much of this growth financed by debt. The company attempted to raise additional capital in 2024 by going public, but the planned public offering of shares worth around €80 million did not proceed. Financial pressure has become increasingly evident in recent months through delayed payments, rising debts, and the closure of some outlets.
The Minister of Economy, Ante Šušnj, did not wish to comment further on Studenac’s business operations earlier today. He stated that the company is private and that mechanisms prescribed by law exist for companies finding themselves in financial difficulty. 'Fortunately, the labour market is dynamic. There is a high demand for labour, especially domestic labour,' said Šušnj, adding that mechanisms such as pre-bankruptcy settlement exist and expressing hope that there would be no severe consequences.
Studenac is facing significant financial pressure, with debts approaching €450 million. Payables to suppliers stand at nearly €172 million, and the company is reporting delays in payments to suppliers. Unofficially, suppliers have confirmed the existence of overdue receivables. The core problem is a combination of high debt, declining profitability, and pressure on liquidity.
Zlatica Štulić, president of the Croatian Trade Union, stated: 'We are in communication with the company Studenac, we have social dialogue with them and are involved in the reorganisation that has been taking place on the ground for some time. We have information that several stores have been closed in Slavonia.' The Studenac network, at the end of 2025, had grown to 1,411 stores, with the company employing 7,149 people at that time.
