ECONOMY

Veropoulos deal to be signed on Monday

veropoulos-deal-to-be-signed-on-monday

The deal for the transfer of the Veropoulos supermarket chain in Greece to rival Metro will be signed on Monday, creating a major market player with an annual turnover of 1.5 billion euros and profits of 45-50 million.

Metro’s priorities, according to chief executive Aristotelis Panteliadis, are the immediate payment of the 60-70 million euros due to suppliers, with no haircut, and the modernization of the network so that shelves are filled with products and consumers return.

The restructuring plan provides for 19 branch shutdowns and the hiring of 1,000 new staff.