Goodwill and Marshe Put under Rehabilitation
10 October, 2013
Goodwill and Marshe Put under Rehabilitation
Leading Georgian hypermarket network Goodwill and its affiliated production company Marshe continue operation in a rehabilitation regime starting this October due to insolvency problems. The management ascribes the problems partly to the state racket exercised by the pervious authorities on business and believes they will escape bankruptcy and retain market leader’s position after the business climate has become benevolent as the current administration released business from the state pressure.
Goodwill, the first Georgian hypermarket chain brand that entered the market
ten years ago and today features three major outlets such as Hypermarket Goodwill, Goodwill Vake and Goodwill Batumi in Tbilisi and Batumi respectively, as well as its centralized production enterprise Marshe producing semi-finished products - fish, meat and confectionery since 2012 – shifted to the rehabilitation regime to overcome the financial problems. Nato Darchiashvili, spokesperson of Goodwill, informed Georgian Journal that around six months ago the management understood that they cannot deal with the financial liabilities accrued against their providers and banks. To escape bankruptcy, the companies decided to move to the rehabilitation regime as the best world experience suggests. But before rehabilitation starts, legal procedures require declaring company insolvent. To comply with legal procedures they appealed to the civil court to declare both Goodwill and Marshe insolvent and the court supported their claim, the official statement released by Companies on 7 October 2013.
“However, this doesn’t mean that Goodwill and Marshe will stop operation. Quite the contrary, this is a painful but a rational way-out. In parallel to this process [which includes restructuring of loans], Goodwill and Marshe continue working and perform service to consumers as usual,” the statement reads. According to the statement, the majority of their suppliers the temporary problems at Goodwill and Marshe met with understanding and continues supply. Companies do not name the amount of the arrears they owe to banks and suppliers but underline that one of the key factors that led Goodwill to the brim of bankruptcy is the unforeseen expenses exceeding GEL 30 million extorted by ex-power in fact.
“Since 2004 our company had to pay unreasonable expenses, otherwise it could have been impossible to retain business, let alone its expansion as well as insuring the freedom and security of the top management,” the management state. “Thanks to paying these tolls the companies managed to survive.”
Once the business got free after the power shift of 2012, now Goodwill and Marshe management hopes they will overcome the current financial problems and go ahead with further development. To bottom out the crisis Goodwill, seeks foreign investors and looks forward to get a helping hand from the state-owned Partnership Fund of Georgia for Marshe. Partnership Fund handles the state assets and also aids enterprises engaged in energy, agriculture, processing and tourism.
“We hope that Marshe, who is equipped by the state-of-the-art producing facilities and who is a unique food producing enterprise throughout entire Caucasian region, will secure support of the Partnership Fund; negotiations are already under way to this end,” Darchiashvili said.

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