Famous Patisserie in Thessaloniki Goes Bankrupt



agaphtosThe founder of the famous patisserie “Agapitos” in Thessaloniki, Agapitos Valogiorgis, was a hardworking and ambitious person working his whole life tirelessly to make his dream a reality. His name was well-known in Thessaloniki as many celebrities were frequent clients.

After Valogiorigis death in 2002, his grandchildren created a franchising company consisting of 11 branches with a range of 500 different products. The most famous sweets of this patisserie are cakes “Marquise” and “Euphrosyne,” profiteroles and traditional sweets “trigona.”

The company “Agapitos Patisserie” did not endure the current difficulties in Greece and became another victim of the economic crisis. The problems started three years ago at the beginning of the crisis, leaving employees unpaid while exorbitant debts to suppliers accumulated.

Around the beginning of the year an application was made to the  Court of Thessaloniki, and the company filed for temporary receivership and the implementation of reconstruction projects. As noted in the company’s application the last four years, revenues decreased by 47%. Specifically, in 2008 there was a turnover of 6.6 million, while in 2011 a turnover of close to 3.4 million. The total company debts amounted to 10.6 million euros, including 4.5 million to banks, 1.8 million to insurance funds and 650,000 euros to the tax office.


2 COMMENTS

  1. Guess its was totally mismanaged, if it was managed properly it wouldn’t have such huge debts. Owners got greedy and too ambitious on expansion which can be a killer.