The operation of Carrefour and Carrefour Market retail shops in Cyprus remains unaffected by the decision of Greece’s Marinopoulos to request for protection from creditors, the Cypriot operator, Chris Cash & Carry Ltd, said.
Chris Cash & Carry is an independent legal entity (and) has a separate legal and operational independence,” the company said in an emailed statement on Thursday. “Therefore, it is not affected by developments in Greece”.
The Greek company, which owns Carrefour Cyprus, on Wednesday filed a request for temporary protection from its creditors in a bid to implement a restructuring plan. Reuters reported that Marinopoulos is likely the victim of an ongoing recession in the country.
Marinopoulos employees 12,500 people in Greece and operates more than 800 outlets.
Chris Cash & Carry, which operates 18 outlets in Cyprus and employs 1,170 workers, “continues to operate normally” and will implement its 2016 growth plan, the company said.
News on Marinopoulos’s decision to seek creditor protection, sparked concern among Carrefour suppliers in Cyprus, a business source said on Wednesday. Suppliers of Orphanides Supermarket incurred huge losses after the company failed in 2013.