Talks between the Sklavenitis and Marinopoulos supermarket chains began on Tuesday regarding the prospect of a possible buy out, after Marinopoulos filed for bankruptcy and protection against its creditors.

Reports suggest that the Price Waterhouse Coopers firm will perform due diligence, in order to determine finances, legal and tax concerns. Given that the Marinopoulos chain had suffered major losses between 2012 and 2014, the Euro2day website expects the due diligence report to be bleak.

With the courts set to examine the bankruptcy application in September, the negotiations between the two supermarket chains will have to conclude within the next two to three weeks, in order to prevent a full collapse of Marinopoulos.

The troubled supermarket chain is tentatively operating its stores, however with its supplies running out and uncertainty over its future, Marinopoulos is also loosing many of its customers. Should the Marinopoulos chain collapse about 12,000 people may be left without a job.