February 6 (SeeNews) - Maxima Bulgaria, a unit of Lithuanian retailer Maxima Grupe, said on Wednesday that its parent company, intends to invest 600 million euro ($684 million) in modernising and expanding its network of stores through 2025.
The strategy of Maxima Grupe, which is active in Bulgaria through its T-Market brand, targets a 7% annual increase in its consolidated sales, Maxima Bulgaria said in a statement.
Last year, Maxima Grupe said that it plans to invest 100 million euro in opening 120-140 new stores in 2019 in the markets on which it operates.
The retailer placed a five-year 300 million euro bond issue in September 2018.
In Bulgaria, Maxima Grupe has over 70 T Market stores in 36 cities across the country, according to data from its Bulgarian unit - Maxima Bulgaria. The Bulgarian unit employs over 1,500 people.
Maxima Grupė is the owner of the Maxima retail chain in the Baltic States, the Stokrotka and Aldik chains in Poland, the T-Market chain in Bulgaria and e-grocer Barbora, which operates in Lithuania and Latvia.
($ = 0.8776 euro)