Marinopoulos, once one of Greece’s largest companies with international partnerships with global giants like Carrefour, Gap and Starbucks, has filed for bankruptcy protection. According to Greece’s bankruptcy code the company begins liquidation of its assets on July 1.
The Marinopoulos Group, once one of Greece’s most profitable companies, owes millions of euro to producers and banks and was unable to keep up with payments.
Previous attempts at partnerships with supermarket chain Sklavenitis failed, leaving the company with bankruptcy protection as their final option.
The closure of Marinopoulos supermarkets could deal a major blow to local farmers and food producers, whose products were staples on the supermarket chain’s shelves.
The company has 13,000 employees throughout Greece who could lose their jobs if the company does not emerge from bankruptcy protection.
Marinopoulos opened in Athens as a small pharmacy in 1893 with successive generations of children and grandchildren expending the business with major international partnerships with global giants like France’s Fnac and Carrefour and Seattle-based Starbucks.
