Studenac’s €450 million debt: what to check before expanding

The retail chain Studenac’s total debt has risen to €450 million, according to a report published by Croatian news outlet Tportal on 23 September 2026. For Croatia’s franchise community, and those considering entering the market, the news raises a practical question: what information should you check before treating the size of a retail network as evidence that a business partner is financially sound?

What has been reported about Studenac

According to the available extract from Tportal’s report, Studenac has been under the management of Polish investment fund Enterprise Investors since 2018. The same report states that it has grown into Croatia’s largest retail chain and is facing serious difficulties. The specific financial figure highlighted is total debt of €450 million.

However, the supplied extract does not explain the criterion used to describe Studenac as the largest chain. Nor does it provide the previous debt figure or the period over which the increase occurred. It is therefore not possible to calculate the rate of debt growth or compare it with changes in business performance.

The headline of Tportal’s report raises the question of store closures due to debt. The available content does not confirm the number of stores closed, their addresses or the reasons for any closures. The question posed in the headline should therefore not be repeated as an established fact: the material provided does not support a conclusion that stores have closed specifically because of debt.

The debt figure is not the full financial picture

The €450 million figure is central to this story, but on its own it does not answer every question about the company’s financial position. The available extract contains no information on revenue, profit, cash flow, asset values or when liabilities fall due. It also gives no breakdown of total debt.

These limitations matter when interpreting the news. Without further information, there is no sound basis for assessing repayment capacity, the extent of short-term financial pressure or the future scale of operations. Equally, the debt figure alone does not establish what the implications might be for any individual store, supplier or employee.

An entrepreneur assessing a business partner should therefore separate two categories of information: what has been reported and what still needs to be checked. In this case, the total debt figure has been reported, while assessing sustainability would require a review of current financial statements and explanations from management. This is a recommendation for due diligence, not an additional claim about Studenac.

Why the news matters to the franchise community

The supplied source does not identify Studenac as a franchise network, so it should not be presented as one. Its relevance to Croatia’s franchise community lies in how retail network growth is assessed, rather than in any claim about its business model.

When considering joining a franchise or opening an additional location, it is advisable to assess network size separately from financial sustainability. A large number of outlets should not replace checks on contract terms, the investment required and the funds available for day-to-day operations. The same applies to brand recognition: it does not answer questions about the obligations an individual partner takes on.

A prospective franchisee can therefore request a clear breakdown of initial and ongoing fees, an explanation of business projections and details of who is responsible for rent, stock and equipment. It is particularly useful to check what the contract provides for if a location fails to meet its targets. These are practical due diligence steps, not circumstances established in relation to Studenac by the material reviewed.

What to check before deciding to expand

A fuller assessment of this story would require the complete report, an official response from the company and financial documents explaining the reported debt figure. Only then would it be possible to distinguish more precisely between facts, assessments and unanswered questions. In particular, any claim about store closures and a possible link to financial obligations needs to be verified.

For members of the franchise community currently negotiating a new location, reviewing their own financing plan is also worthwhile. The one-off cost of opening should be clearly separated from the funds needed once trading begins. It is also important to assess whether commitments can still be met if results fall short of expectations. This does not require speculation about another company’s business, but a disciplined review of your own assumptions.

Practical takeaway: read the news about Studenac’s debt with the source’s stated limitations in mind. Before expanding your own network or signing a franchise agreement, ask for documented financial information and clearly defined contractual obligations. Network size is no substitute for these checks.