Starik Khottabych forced to close

According to information in Izvestija, a Russian daily paper, Starik Khottabych will shortly be closing its trading network, since the owners have been unable to find either investors or buyers for their company. Among those confirming this is the managing partner of the GK Management Development Group Inc., whom the owners of Starik Khottabych approached with an offer to take over their stores. Starik Khottabych is a furnishing chain that has been active in the Russian marketplace since 1994 and has also been operating the Stroidepot DIY network since 2006. At present only six branches are still open, and they are already selling off their stock. All outlets are to have closed their doors by June 2014 at the latest. Whereas the chain had previously found a niche in the area of floor coverings in particular, today it can no longer compete in this respect with the numerous DIY stores that have recently been established. An unpopular trading format and expensive locations have also made their contribution to the downfall of the commercial enterprise.