One of the biggest furniture companies in Greece, NEOSET, has filed a bankruptcy petition, another victim of the country’s crushing economic crisis as austerity measures have made many Greeks slow spending almost to a standstill.
NEOSET has been active in the Greek market for the past 30 years and employed a total of 1,014 employees in its 100 stores around Greece.
It follows another large furniture company, SATO, which filed for bankruptcy in October. NEOSET published financial statements showed that in fiscal year the company suffered losses of 7.8 million euros ($9.94 million) and its liabilities reached 53.1 million euros, or $67.6 million.
Greek furniture companies are not only suffering under the economic crisis that dropped sales by 60% but because of the multi-natioal furniture companies taking over the Greek market. NEOSET has branches in Canada, Russia and Romania and exports products among others to Bulgaria, Canada, Cyprus, Romania and Ecuador.
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