Location of affected unit(s)
Kikkinotremithia - Nicosia
Manufacture Of Food And Beverage
Manufacture Of Food Products
10.71 - Manufacture of bread; manufacture of fresh pastry goods and cakes

111 - 130 jobs
Number of planned job losses
Job loss
Announcement Date
28 July 2014
Employment effect (start)
28 July 2014
Foreseen end date


The Pancyprian Company of Bakers, one of the largest manufacturer of bakery and confectionery products in Cyprus, went bankrupt. Up to 130 jobs are to be lost. As announced, the company was placed under administration in July due to financial problems and finally the administrator ordered its liquidation. According to the sources, 100 staff received the redundancy letter and 19 employees will remain for the fulfilment of several existing contracts, including one with the National Guard of Cyprus.

The company faced serious cash flow problems in the last period which deteriorated after the last year’s restructuring of the banking sector and the cut on deposits. As reported, the employees were not paid for several months.

The Pancyprian Company of Bakers was founded in 1970 on the initiative of the government and in a joint effort with several bakers with the aim to promote industrial modernisation in the production of bakery products. 


  • 5 August 2014: O Phileleftheros
  • 28 July 2014: I Kathimerini (Kyprou)
  • 28 July 2014: In business news
  • 29 July 2014: O Phileleftheros


Eurofound (2014), Pancyprian Company of Bakers, Bankruptcy in Cyprus, factsheet number 77374, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77374.