Money has run out for staff at Marinopoulos

28 December 2016
857 Views

The money for the intermediary funding of bankrupt supermarket chain Marinopoulos – to ensure its operation until its takeover by Sklavenitis – has run out, leaving it unable to cover the December salaries of the 10,800 employees.

All parties involved are hoping for a swift and positive court ruling for the acquisition by Sklavenitis to proceed, releasing the main funding that will allow the chain to operate normally.

The intermediary funding of 80 million euros has been spent and the 8-10 million required for staff salaries will probably not be paid out. As a result, the employees will likely hold a meeting early next week to decide on a strike or the forced confiscation of Marinopoulos’s assets. The employees have received their Christmas bonus as the law dictates.

The only revenues the chain has are from the 70 stores it operates, which are stocked with products by Sklavenitis.

The situation was aggravated on Wednesday by sources close to State Minister Alekos Flambouraris, who claimed workers should not worry about the “delay in the transcript of the court ruling.” This confused things further, as legal experts told Kathimerini that there is no court decision yet to be transcribed and it would be presumptuous for the government to conclude which way it will go.

You may be interested

Reuters: Strong demand for Greek & Austrian bonds
FINANCE
shares18 views
FINANCE
shares18 views

Reuters: Strong demand for Greek & Austrian bonds

makis - Jan 27, 2021

Strong demand emerged today for bond issues from Austria and Greece, which followed larger Eurozone countries that issued bonds earlier…

Lost city of Alexander the Great is found in Iraq using US spy footage of the area captured in the 1960s!
GREECE
shares15 views
GREECE
shares15 views

Lost city of Alexander the Great is found in Iraq using US spy footage of the area captured in the 1960s!

Panos - Jan 27, 2021

Alexander the Great‘s ‘lost city’ was a magical place where people drank wine and naked philosophers imparted wisdom, ancient accounts…

Hidden Masonic links to the legendary treasure of Oak island
GREECE
shares14 views
GREECE
shares14 views

Hidden Masonic links to the legendary treasure of Oak island

Panos - Jan 27, 2021

According to legend, a young man named McGinnis was wandering Oak Island, an island in the Mahone Bay off the…

Leave a Comment

Your email address will not be published.