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Tue, Oct

MERE’s Future in Greece in Doubt After Sanctions Hit Owner

MERE’s Future in Greece in Doubt After Sanctions Hit Owner

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Τhe future of Russian discount supermarket chain MERE in Greece appears increasingly uncertain after the company abruptly closed its stores, with industry sources linking the move to the latest round of European Union sanctions targeting the chain’s ownership.

According to market sources, legal options are being explored that could allow the retailer to resume operations. However, executives in Greece’s supermarket sector believe finding a workable solution will be difficult.

The sudden closure marks an abrupt end to one of the few attempts by a Russian-owned retailer to establish a foothold in the Greek supermarket market.

Expansion Plans Fell Far Short

MERE entered Greece with an ambitious plan to open 80 hard-discount stores over five years.

Instead, the chain expanded slowly, ultimately reaching just 11 locations stretching from northern Greece to the northern Peloponnese.

The closure has also raised concerns for the company’s approximately 170 employees, whose jobs are now at risk unless the retailer succeeds in selling its Greek network, either store by store or as a single package.

Industry

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