Greek electronic appliances chain declares bankruptcy

Greek electronic appliances chain Elektroniki Athinon has declared bankruptcy following a court decision on Wednesday. The company’s 45 outlets were expected to be closed on Thursday.

In a statement released on Wednesday, the company cited the state of the local economy, the weakening of Greek consumers’ purchasing power, the imposition of capital controls last year and a suspension of a restructuring plan among the reasons behind its insolvency.

According to Elektroniki, the company’s 450 employees were not owed unpaid wages, while compensation would be paid in about 8 months.

Electroniki Athinon was originally founded in 1950.