Greece’s biggest supermarket chain, Marinopoulos Group, has been granted temporary protection from its creditors by an Athens court.
Bankruptcy will be unavoidable unless all parties involved in the effort to save it reach an agreement this month for the company’s downsising.
The group’s property will be protected from foreclosures by creditors until September 21, when the official bankruptcy request will be examined.
According to local media reports, Marinopoulos owes an estimated €500-700 million to over 2,000 suppliers, out of a total debt of €1.3 billion.
Marinopoulos has over 800 stores across Greece with around 12,500 employees.
In 2012, Carrefour decided to withdraw from Carrefour Marinopoulos, a joint venture set up as an exclusive franchisee of the French company in Greece, Cyprus and the Balkans.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.
