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.

Other Stories
Georgian citizens are granted the right to work in France
The French Embassy in Georgia made remarks on granting Georgian citizens the right to work in France
The New York Times: Bitcoin declines but Georgia still bet on it
The New York Times has recently published an article about reasons, challenges and causes of generating Bitcoin in the former Soviet country Georgia.
EU to allocate € 13 billion for Eastern Partnership countries, including Georgia
The European Union together with the World Bank plans to allocate investment worth € 13 billion for infrastructure projects in the Eastern Partnership countries.
Anaklia Port and its importance for Georgia
In 2016, Anaklia Development Consortium was authorized to launch the construction of Anaklia Port.
Cryptocurrency mining threatens electrical network in Abkhazia
In the breakaway region of Akbhazia rampant cryptocurrency mining is threatening the shaky electrical network, reports an article of the news portal EuroNet.
Caucasus Wine University to be opened in Gurjaani
In the Kakheti region a new viticulture campus of the Caucasus University is in the process of planning.
Photos describing life of the poorest in Georgia
Fight with poverty should be among top priorities of every government in every country.
Training farmers to rescue the organic hazelnut production in Georgia
Even drizzling rain and unpleasant gusts of wind can’t prevent the farmers from coming and participating in the agricultural training.
Bleak times for organic farmers in Georgia – but there is hope
Organic hazelnut production is a delicate plant in Georgia that has emerged just a couple of years ago. Various pests, among them the Asian stink bug Parosana, trouble hazelnut farmers and menace their livelihood – even before their businesses could really take off.
Hybrid car imports are going through the roof in Georgia
Thanks to their fuel economy, the popularity of hybrid cars is increasing in Georgia, where fuel affordability is low and prices for fuel are unstable.
The New Year offer from MAQRO Construction - Apartments with unbelievable discounts and the parking spaces for FREE!
Location, green yard, spaces for various needs, experience of the construction company and parking space are the main important criteria for potential buyers of apartments.
Interview with the co-founder of Kiwi Vegan Café – the first vegan place in Tbilisi
Behind the Kiwi Vegan Café stands a group of activists who wants to raise Georgian’s awareness for animal rights and welfare.
Biblusi opens first shop for tourists - Georgian
The largest book shop in Georgia Biblusi opens the first shop specially designated to the needs and interests of tourists and named it Georgian.
Georgia improves by five ranks in the Prosperity Index
In the overall Prosperity Index rankings, Georgia has climbed by 5 positions from 85 to 80 when compared to last year. As such, Georgia is the best performing country in the CIS zone.
The future is bright for electric cars in Georgia
The numerous hybrid cars in the streets of Tbilisi cannot be overlooked. Entrepreneur Sulkhan Gvalia calls them “pagers”, referring to the predecessor of mobile phones.
Georgia’s fight against the big tiny enemy – Asian Parosana
It’s a tiny creature, but the harm it did to the Georgian agriculture sector was and still is immense.
New cable route: from Kobi to Gudauri in 15 minutes
On the 15th of December, cable transport is scheduled to be opened connecting Kobi and Gudauri.
Tourist boom in Gudauri – majority of hotels are booked by foreigners
Gudauri is among the most popular winter resorts in Georgia.
Medical tourism increases in Georgia
In the last 9 months, Georgia was visited by 19 500 foreigners for medical and recovery purposes.
Doing business in Georgia has become easier than in America
According to the Doing Business 2019 report published by the World Bank, Georgia ranked 6th among 190 countries in terms of simplicity of doing business. This was an improvement over two ranks compared to last year.
Problems that foreigners frequently face in Georgia
The importance of Georgia as a tourism hub is growing year after year.
Tbilisi TV Broadcasting Tower – Better than the Eiffel Tower?
It is planned to renovate the Tbilisi TV Broadcasting Tower, one of the landmarks in the capital.
Georgian Fusion Menu by The Biltmore Hotel Tbilisi
5,895,914 international visitors have visited Georgia between January and August of 2018. Compared to the previous year the number has increased by 12.2 per cent.
Advertising of gambling and lucrative games may become banned in Georgia
Advertising of gambling and lucrative games may become banned in Georgia. Those who violate the new rule would be fined GEL 10 000.
Lebanese café-lounge Beirut opens in Tbilisi
What is necessary to organize an unforgettable event? – Fun, emotions, lots of surprises, good music and delicious menu.
GEL Exchange Rate
Other Stories
Recently Toyota rolled out Global Campaign under this slogan that reflects the Olympic and Paralympic Spirit of Encouragement,
A couple from Switzerland combines Swiss tradition and technology with Georgian products. Their cheese is made in the Georgian mountains and sold in local stores and hotels.
It has been more than five years since the residents of Lilo village, near Tbilisi, cannot open their windows.
63 000 GEL was received by the Georgian Agro Export Group which is just a small part of the European Neighbourhood Programme for Agricultural and Rural development.
Georgian entrepreneur Guka Tavberidze, who runs his own business in the UK and does it quite well, has been invited by BBC
The grand opening of 7-star The Biltmore Hotel Tbilisi took place in Georgia’s capital on July 31.
DUSHETI, Georgia – The Georgian government and the World Bank will allocate USD 5.6 million (12 million GEL) to fund
A new Georgian clothing brand named Person has emerged in Georgian market.
Georgia is in the midst of an economic maelstrom, Euronews reports.
Situation at Georgia’s mineral water market is interesting: over the last year, the volume of export has grown by 56 percent. According to “GeoStat”, over $114 million worth of mineral water was sold
GEL Exchange
February 2019
Mon Tue Wed Thu Fri Sat Sun
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28