GREECE: Marinopoulos and Sklavenitis establish hypermarket JV | Progresiv
Marinopoulos handed over the operational control of its hypermarkets in Greece to Sklavenitis through a joint venture agreement, subject to local competition authority’s approval. The deal concerns 33 hypermarket stores that span over a selling area of 160,000 square meters and registered 325 million euros in sales in 2015. 
The two groups will have equal shares in the new entity, an equal number of Board members with a Marinopoulos representative assuming the Non-Executive Chairman role while the Sklavenitis representative will assume the Chief Executive Officer role.
The deal is part of Marinopoulos’ restructuring plan and is said to possibly expand to other operations in Marinopoulos’ portfolio with local competitors Vassilopoulos and Masoutis eyeing the opportunity.(www.kantarretailiq.com)
