Support The Moscow Times!

Owner Drops Plans to Sell Sedmoi Kontinent

A staff member stocks the shelves at the supermarket's Smolenskaya branch. Sergey Porter

Alexander Zanadvorov, the sole owner of retailer Sedmoi Kontinent, has dropped plans to sell his business to X5 Retail Group, Kommersant reported Tuesday, citing the businessman.

"I thought it would be more rational to revisit the issue of selling the business operations in four to five years," Zanadvorov said.

In September X5 Retail Group won a tender to buy Sedmoi Kontinent and the rights to lease 130 Sedmoi Kontinent stores. Dixi, Magnit and Auchan also participated in the tender.

Instead of selling Sedmoi Kontinent, Zanadvorov will develop it using funds borrowed from Sberbank. Sedmoi Kontinent said Monday that one of its affiliates had taken out a 44 billion ruble ($1.35 billion) loan from Sberbank at a rate of 9.25 percent.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.