Cyprus Mail

Cyprus Carrefour operator welcomes Marinopoulos rescue

Chris Cash and Carry (CCC), the operator of Cyprus’s supermarket chain Carrefour said that it welcomes the signing of the agreement that provides the takeover of Greece’s Marinopoulos Group by Sklavenitis and a group of banks.

“Today’s development is an important milestone in the process of Marinopoulos’s resolution and opens the way towards a viable solution, which was the priority from the very beginning,” CCC said in an emailed statement on Wednesday. “With the agreement, the return to normality begins for the Greek enterprise. The completion of the planning is expected within the next few months”.

According to Greek media, Sklavenitis will pay under the terms of the deal €125m to acquire Marinopoulos which filed for protection from its creditors in June. Four banks, Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank, will inject €360m in the form of a loan, which gives them an option to acquire 25 per cent of the failed retail group.

CCC, which operates 18 Carrefour stores in Cyprus employing 1,170 workers, said that Sklavenitis’s proposal was the “most adequate as it safeguards jobs, the soundness and integrity of the network, suppliers and associates”.

“Sklavenitis distinguishes for its entrepreneurial ethos, best labour relations and the trust of consumers and suppliers,” and will thus benefit consumer and the society, CCC said. “The impact from the resolution of Marinopoulos will be beneficial for CCC which undistracted carries out its business plan and designs its next steps with even more decisively”.

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