Greece’s Biggest Supermarket Chain, Marinopoulos, Risks Default



    marinopoulosGreece’s biggest supermarket chain, Marinopoulos, is currently undergoing restructuring in a inopportune time, as there appears to be a growing friction between suppliers and creditor banks.

    Suppliers, who are owed a large sum between the banks have been pressing for debt payments to resume.

    According to ekathimerini.com sources close to the retail chain say that further decisions will be made within the next couple of weeks.

    The option for Marinopoulos filing for protection against its creditors is said to not be an option under consideration at this time.

    As spending has dropped drastically due to cuts in salaries, pensions and VAT increase, supermarkets have seen spending decrease as much as 5.7 percent from January to April year-on-year.

    Due to the dips in spending, a new deal to join Marinopoulos with rival supermarket chain Sklavenitis to operate the 33 Marinopoulos hypermarkets has been tabled and is unsure if it will go forward.

    Marinopoulos is expected to issue a statement on Wednesday to explain that it has no debts to its employees and proving that the company is well on course.