The Orphanides supermarket chain has gone into receivership. All ten branches of the supermarket chain have closed, resulting in 1200 former employees without jobs. The employees were yesterday protesting outside parliament.
The supermarket chain collapsed under the weight of bank loans of Euro 140 million as well as Euro 85 million debt to suppliers. The group had been trading at a loss of Euro 17.7 million for the first nine months of this year and was already planning to shut down a number of stores.
CEO and founder Christos Orphanides took responsibility for the outcome, saying that mistakes had been made. He is now hoping that a buyer will step in.