The Marinopoulos supermarket chain, one of the biggest in Greece and the past partner in the country of the multinational Carrefour group, on Tuesday applied for protection from its creditors, according to reports, in a bid to try and restructure the debt-laden company.
The development comes as an agreement worked out at the beginning of the year with rival Sklavenitis to form a joint company in order to manage and exploit 33 of Marinopoulos’ “hyper stores” appears to have stalled this month.
The company has also tried to work out a restructuring plan with banks and repayment plan with suppliers, with mixed results to date.
