Orphanides supermarkets have recorded a loss of €17.7 million for the first three quarters of this year – the shock results will mean the retailer will shut down five stores.
The company said that: “2012 was a particularly difficult year.”
Orphanides is the biggest supermarket chain in Cyprus and operates 23 supermarkets 9 Orphanides Supermarket and 14 Orphanides Express including at three Shopping Malls in Nicosia, Limassol and Paphos.
Losses before the sale of property stood at €8.3 million and turnover was down 15.9% to €132 million.
The company says it is now working on a new business plan, which includes reducing stocks and suppliers and selling unused property.
Publication date: 12/3/2012
Huge losses for Orphanides