The local company that owns Kuwait-based supermarket chain Sultan Center (TSC) has been declared bankrupt by the court. TSC is exiting the local supermarket sector.
TSC had over $30 million in commercial debt, a source familiar with the issue, said. The company had been accumulating losses for more than three years, as annual sales did not reach $40 million.
The administration of the supermarket chain was in negotiations with other chains for a possible takeover.
TSC was ap...
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