ECONOMY

Sklavenitis keeps expanding, acquiring 60-pct stake in Cretan supermarket chain

Greece’s third-biggest retail group, Sklavenitis SA, has announced the acquisition of a 60 percent stake in the family-owned Cretan supermarket chain Halkiadakis, expanding its presence further after the takeover last month of Makro Cash & Carry.

Sklavenitis purchased the Halkiadakis share from Veropoulos at a price of 22 million euros, with the aim of increasing its presence outside the Greek capital.

Halkiadakis was founded in 1984 by Minas Halkiadakis and operates 38 stores on the southern Aegean island of Crete, with a population of over 620,000 residents.

Turnover in 2013 came to 132 million euros and the company employs 940 workers.