BUSINESS

Marinopoulos stores become Sklavenitis as of Wednesday

DIMITRA MANIFAVA

TAGS: Business

Five months after an agreement was signed to save the Marinopoulos chain of supermarkets from closure, Wednesday should see the start of its operation under the control of the Sklavenitis group.

Late on Tuesday the last of the signatures were made to complete the private agreement transferring Marinopoulos to Sklavenitis. That was the final step in the transaction and new funding can now be disbursed by the crediting banks in 20 days, amounting to 352 million euros. Sklavenitis will add another 125 million.

Kathimerini understands the additional financing required due to the delay in the completion of the agreement amounts to 65 million euros, with 50 million coming as a loan from banks and 15 million from Sklavenitis.

Marinopoulos stores remained closed on Tuesday to complete the transfer of their tills to the Sklavenitis system and tax registration number. They will start operating on Wednesday.

Several stores have already begun renovation work and changes in the signage, which will bear the Sklavenitis name.

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