According to Mercator, the drop in sales revenues is a consequence of the changed consumer habits, declining purchasing power, strong competition on all markets and the closure of 35 shops as part of the restructuring.

The retailer was acquired at the end of June by the Croatian conglomerate Agrokor, which purchased a 53.12% stake and is also bidding for the remaining shares in Mercator.

The acquisition has stabilised the ownership structure an dis expected to improve the company's operations, the press release adds.