Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Odysseus Fokas S.A., founded in 1936, grew into one of the biggest clothing and footwear retail chains in Greece, with particularly strong growth and expansion in the 1990s.
According to news sources, the company started to face severe liquidity problems in 2010 and recorded losses of € 7.6 million, while in 2009 it had profits over € 210.000.
High costs, high administrative costs and increased liabilities, coupled with the sharp decline in sales since 2010 were blamed.
Since November 2012, the company has resorted to the protection of Article 99 of the Bankruptcy Code and 611 employees lost their jobs.
The company was finally declared bankrupt in March 2014 after the Thessaloniki Court decision (no 4668) of the Thessaloniki Court. According to other sources, the company owes over €40.8 million to 9 suppliers and € 33.3 million to its’ employees.
Eurofound (2012), Odyssefs Fokas, Bankruptcy in Greece, factsheet number 93203, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/93203.