Famous retail chain store FOKAS submitted application to Article 99 of Bankruptcy Code seeking protection from its creditors. With sharp decline in sales, debts of 80 million euro and employees unpaid since last summer, it was a matter of time that Fokas would follow the same fate of many Greek enterprises.
The company that started in 1936 in Thessaloniki will have to close shops and send hundreds of employees to join the long queues of unemployment.
In Fokas branch (Ermou street/Athens) 20 of the 40 employees proceeded to suspension of work. Their lawyer told Greek media, that some have not been paid since last July and that instead of salary “some get 50-100 euro per month as down payment,” the lawyer said.
Fokas has shops in several Greek cities.