Russian cosmetics chain to sell outlets

Published: 15-Dec-2008

Arbat Prestige is to sell off another five of its Moscow-based stores to help clear its debts.


Arbat Prestige is to sell off another five of its Moscow-based stores to help clear its debts.

The Russian cosmetics retailer has been selling off its assets to repay its debts to creditors since key shareholder and general director Vladimir Nekrasov was arrested on evasion charges in January. The value of the outlets up for sale has been estimated to be between $35.3m and $42.8m.

According to the chairman of Arbat Prestige’s board of directors, Alexander Dobrovinsky, the seven remaining outlets in Moscow may be leased out to raise funds further.

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