Cyprus Carrefour operator welcomes Marinopoulos rescue

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By Stelios Orphanides

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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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • IrishCypriot

    Carrefour Cyprus needs to start thinking about the changes taking place in terms of food preferences — to reflect the changes in Carrefour in (the rest of) Europe. There should be boldly labelled VEGAN and VEGETARIAN sections along with the lactose free and organic — including new brands of vegan ice cream, meat substitutes, cheeses, frozen foods, deserts, etc. The staff should also be educated so that when someone asks about particular choices, they know how to answer the questions posed.

    • cyprus observer

      Of course what you write is spot on..But in Cyprus….it will just never happen!

    • Zorbas

      On being told my friend is a vegetarian the Tavena owner said ” I will just make a little souvlaki then”

      • IrishCypriot

        Yes. Sad, but easily believable. When I say I am a vegan, the waiter says “No problem, we can take the meat out for you”. Still, it’s getting better. As we learn how sick the food is making us, we are moving more toward plant-based diets.

  • jobanana

    Without a doubt the worst supermarket in Cyprus. They know nothing about customer service and their shops are is a dismal state. A very old school mentality. Their directors should shop in Alpha Mega just to see the difference.

    • Rory Keelan

      I have noticed that while the shelves are still full, the variety of good on offer keeps shrinking – and that Carrefour own-brand products (which were good value) have almost vanished. Beef sold is also poor quality.