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Mazda Representative Filed for Bankruptcy in Greece

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The company Elma SA, Mazda’s Greek representative and official importer since 1981, filed for bankruptcy on Monday June 30.
Within the next days, the company will announce the new representative of Mazda in Greece who will take over services of the company’s cars circulating in the country.
For 27 years, ELMA SA was the official and exclusive importer and distributor of Mazda factory in Greece. The company was founded in 1982, and had a nationwide partner network with 68 sales outlets throughout Greece.
Before that, Mazda’s car dealership in Greece belonged exclusively to the Group of Companies of Kortesis family, which is known in the field of cars since 1936, when  Yiannis Kortesis undertook the representation of Ford cars from Stacor SA.
From now on, the distributor of Mazda in Europe will be serving Greek clients in regards to auto parts and warranties.
According to the last published balance sheet of 2012, Elma SA had a turnover of 13 million euros from 40 million euros in 2011, 23 million euros losses, negative equity of 30 million euros and a short-term bank loan of 116 million euros. The debts of the company to its employees amounted to 5 million euros.
 

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