GREECE: Marinopoulos granted bankruptcy protection | Progresiv

Leading Greek retailer Marinopoulos has been granted temporary bankruptcy protection, following a hearing in Greek courts. The retailer reportedly owes the state and thousands of suppliers around 1.3 billion euros according to local reports. It now has until September 21 to find a solution.

Marinopoulos' challenges echo Greece’s economic problems, with the country requiring three bailouts since 2010.

In May this year, the retailer reached a joint venture agreement with Sklavenitis, which meant that Sklavenitis would manage Marinopoulos' Greek hypermarkets, while in February, Marinopoulos closed its remaining hypermarket in the Macedonian capital of Skopje. (www.igd.com)