Sklavenitis and Marinopoulos enter talks over possible buy out

6 July 2016
208 Views

Talks between the Sklavenitis and Marinopoulos supermarket chains began on Tuesday regarding the prospect of a possible buy out, after Marinopoulos filed for bankruptcy and protection against its creditors.

Reports suggest that the Price Waterhouse Coopers firm will perform due diligence, in order to determine finances, legal and tax concerns. Given that the Marinopoulos chain had suffered major losses between 2012 and 2014, the Euro2day website expects the due diligence report to be bleak.

With the courts set to examine the bankruptcy application in September, the negotiations between the two supermarket chains will have to conclude within the next two to three weeks, in order to prevent a full collapse of Marinopoulos.

The troubled supermarket chain is tentatively operating its stores, however with its supplies running out and uncertainty over its future, Marinopoulos is also loosing many of its customers. Should the Marinopoulos chain collapse about 12,000 people may be left without a job.

You may be interested

Global tourist arrivals break 7-year record in 2017, UN Barometer reveals!
GREECE
shares18 views
GREECE
shares18 views

Global tourist arrivals break 7-year record in 2017, UN Barometer reveals!

Panos - Jan 17, 2018

Global tourism recorded its highest growth in 2017, with international arrivals rising by 7%, a performance well over the 4%…

Five foods to help you eliminate nicotine from your body
GREECE
shares24 views
GREECE
shares24 views

Five foods to help you eliminate nicotine from your body

Panos - Jan 17, 2018

Nicotine causes a rapid increase in blood pressure and serious damage to the lungs. In addition, even if someone stops…

Piraeus Port Gets Ready To Welcome Mega Vessel
FINANCE
shares55 views
FINANCE
shares55 views

Piraeus Port Gets Ready To Welcome Mega Vessel

Panos - Jan 17, 2018

Greece’s shipping industry is showing serious signs of growth as a Piraeus port in the throes of a multi-million-euro expansion…

Leave a Comment

Your email address will not be published.