In a thread CREAM PLUS The survival of Atlantic

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Published: August 29, 2010

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(Title) In recent years more and more often Atlantik SA supermarket chain was the scene of intense speculation, that presumption-prevalent in the retail sector. However, he dissolved the rumors, and Mr Manolis Apostolou, CEO of the company, managed-certainly not alone, to turn the game. To thirty years of the Atlantic had two aspects: first, high growth, mainly due to the many acquisitions it has made since the early 1990s, and secondly because of the “wild relationship” that has developed with its suppliers – some them nowadays the “sweet revenge».
And when he had the financial ability to make acquisitions, had exhausted all possible options, the family seems Apostle made the fatal mistake, given the company’s shares and incorporated Laoutari family activities. Simultaneously, over the last decade retail change, the involvement of discounters apparently changed the game terms, the income of consumers has started to decline, even before the outbreak of the financial crisis. And after 2008, when “the winds of recession” began to blow more and more powerful in the Greek market, the Atlantic turned out to be much more vulnerable to Beaufort.

Last week officials of a stores the chain has in the Patission received a more-awaited proposal to accept 50% of eligible compensation and leave, or otherwise looking to stay an uncertain future. Apparently the shop where they work or downloading rolls sold and are no longer able. Not having received the best choice and took the road to the Unemployment Fund.
Krataio The former, for the least number of network-Atlantic Mr. St. boasted several times in past statements on these numbers, but now distant past is the number of 160 stores had a year ago, is shrinking, “restructuring” in names, and the remaining staff from 3000 to 4500 a year ago, but far from a significant number is the “Soul Kicking” .
Apart from the legitimate concern of officials of the Atlantic, those little longer and will be occupied by panic suppliers particularly small Greek industries and small industries that have either placed their products on the shelves and refrigerators stores, either produce “private label” on behalf of.
It is very difficult and the consequences of possible “rule” in some cases it may be tragic, as for example the cheesemaker of northern, which has about 7 million.
Some market sources who are able to assess the dynamics of the data recorded on the balance sheets and “read” behind the lines estimate the “rule” would not be less than 400 million. Certainly the Apostle family (three brothers Manolis, Pericles and Hope, and the “patriarch Panayiotis Apostolou, recently has” mobilized “) made the greatest efforts to prevent the” death “- one of them is the quest the purchasing agency to join in order to improve the flow of goods on shelves and refrigerators, which has been limited, and the negotiating power over suppliers.

His efforts so far have been inconclusive. Thus reducing the number of stores-closing loss-making or selling items for which interest has been expressed, and the application for membership of the company to shield suppliers provisions of Article 99, is one way. And if there is some hope only through this strategy can be realized, although the “protection” from suppliers and creditors are “double-edged sword, since they now changed the relationship many of them were with the company, with all what this means. The first quarter performance is indicative of the situation. The consolidated turnover decreased by 18.5% and amounted to 105.9 million against 129.8 million in the corresponding period of 2009. The coming months therefore it is absolutely critical, and the survival of the once mighty chain now hanging by a thread …

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29-8-2010

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