The high-end Julius Meinl grocery store in the Prague center is closing. The margins and footfall have not met the retailer’s expectations. Julius Meinl owes CZK 30m in rent and has debts totaling CZK 136m, according to news reports. Bankruptcy proceedings against the Austrian retailer have started. The Prague City Court has asked creditors to submit their claims. The server idnes.cz writes that the company needed its daily margins to total CZK 800,000, but they were only hitting CZK 120,000. The retailer, which has not paid rent since May, signed a 10-year lease with City Palais for the space on 28. října street in Prague 1. Julius Meinl opened the store less than a year ago and operated its through a franchise overseen by Potraviny Můstek.
