Business in brief

17th July 2009

Retailer Empik Media & Fashion Group reported it expects a 16 percent rise in sales for Q2 2009, but grumbling among suppliers about late payments has raised liquidity concerns about the firm.

CEO Maciej Dyjas denied the rumors, saying Q2 profts would match the PLN 18 mln of a year ago and that there is no cash crunch. "We do not have any problems with the balance sheet or payments," he told Reuters.

Despite the fact that 30 million bank cards have been issued in Poland, most Poles still prefer paying with cash over plastic. A recent report by consulting firm McKinsey & Company shows that some 95 percent of retail purchases in Poland were cash transactions in 2007, giving Poland one of th ...