The 12,000 employees of supermarket chain Marinopoulos are distraught over the management’s decision to file for bankruptcy, fearing the prospect of unemployment. IN a statement they argued that they have supported the company and accepted reduced wages and benefits, however in spite of the ‘millions of euros’ worth of loans given to the company, Marinopoulos may shut down.
Aside from the employees though, the supermarket chain’s suppliers are deeply concerned about the accumulated debts towards them. A group of suppliers issued a statement expressing its concerns and claiming that the major shareholder of Marinopoulos has transferred the company’s major assets to a fund in Qatar. The suppliers further explain that the supermarket had assets worth 750 million euros in 2010 and alleges that the bankruptcy may be orchestrated.
On Wednesday the Marinopoulos group filed bankruptcy for three more companies: the Marinopoulos parent company which operates the entire group, with about 196 million euros worth of debts; The Express m SA with 160 stores across Greece and debts worth 275 million euros and the Xynos SA with debts worth 19.6 million euros.
Based on the company’s divs, the Marinopoulos group owed 1.324 billion euros in December 2015, with its postdated checks amounting to 553 million euros. About 100 million euros are owed to the public sector, 49 million to the tax office, 51 million euros to insurance funds. The company loans amount to 337 million euros, leasing debts to 159 million euros, while employees are owed 4.4 million euros.
In statement issued later Marinopoulos claimed that it intends to reorganize the company and that every possible effort will be made to ensure smooth operation and customer services. It also claimed that talks have been launched with the creditor banks on the company’s long-term sustainability. The courts have granted temporary protection, until the bankruptcy applications are examined in greater detail in September.
