Alfa Mega has agreed to buy three stores belonging to the debt-ridden Orphanides supermarket chain for around €14 million, it emerged on Wednesday.
Alfa Mega will be taking over the chain’s outlets in Larnaca, Skarinou, and Kolossi.
The sale is expected to create over 150 jobs and Alfa Mega has pledged that priority will be given to Orphanides’ redundant staff.
Skarinou and Kolossi are expected to open before the end of September while the Larnaca outlet is scheduled for mid October, reports said.
The Cyprus Mail has also learned that Orphanides’ administrators are in talks with Alfa Mega and two other – unnamed — parties regarding the sale of the Orphanides Mall in Limassol.
Orphanides Supermarkets, the island’s biggest chain, is currently under receivership by two administrators, one appointed by the former Laiki Bank (the chain’s largest creditor), the other nominated by Orphanides himself.
The chain owes the banks (Laiki and Bank of Cyprus) a reported €150 million, and some €85 million to other creditors, such as suppliers.