One of Greece’s most historic bookstores in Athens closes its doors at the end of the month. After almost one hundred years in operation, Eleftheroudakis bookstore will put a padlock at its central store on Panepistimioy Avenue in downtown Athens on September 30th.
The largest Greek bookstore chain apparently could not cope further with the economic crisis. Already in 2014, Eleftheroudakis had closed down several branches in Athens suburbs. In cooperation with the Greek banking institutions, the company had “successfully finalized a financial and economic restructuring plan,” and was expecting the fruits of this plan to be launched in early 2015, when the company should arise in a much leaner form.
One and a half year later, customers will be able to buy books from Eleftheroudakis only online.
The bookstore was founded in 1898 by Kostas Eleftheroudakis, his great-grand children are running the business nowadays.
The first book store was opened in the area surrounding Syntagma Square and remained there for several decades. In the early 60’s, the main store moved to Nikis Steet nearby and operated for 30 years. In 1995 the store closed and opened again in Panepistimiou Avenue.
Eleftheroudakis stores had several thousands of book titles in Greek but also in English and other languages.
In Athens of the 60’s, 70’s and 80’s, if one could not find a book in Elefteroudakis stores, then it was clear that the book was not available in Greece!
In Greek media reports, it was said in this context that “there was no investment environment” and it looked as if the media were citing the business owners.
According to the company owners, “this is an end but also a new beginning.”
However, later on the day, one of the owners broke her silence and talked to the press about her frustration – however in a well-mannered way.
Speaking to news portal NewsIt.gr, one of the owners Sofia Eleftheroudakis blamed the capital controls for the closure of the store.
“In the year 2008, we had a turnover of €24million, in 2015 we closed the year with half a million,” Sofia Eletheroudaki said adding that the book stores used to have 130 employees, “now there are ten employees and soon it will be just four.”
For the crisis in her business, she blamed the capital controls and indirectly also the government saying “Capital controls played a role. I receive [bulk?] orders from the public administration and I reject them. I am a victim of capital controls and the international crisis in a very difficult time.”
She added that for the store in Panepistimiou Avenue the company was paying 70,000 per month, that they could not afford it anymore and that the property owner refused to go down with the price.
“I do not want to work under these conditions and see my name be scorned daily,” Sofia Eleftheroudaki complained.
PS Well, I’m a afraid the crisis has reached everyone, even the well-established elites of this country. On the other hand, there are also average Greeks who also cannot work under monthly payment conditions of 400-500 for full time jobs, they cannot see their dignity been stamped on a daily basis. And some Greeks do not even have this privilege of having a work and a payment, even a bad one.
Under this government, we will all end up to be equal, rich and poor, with broken dignity and our names scorned. But hey! We were indeed scorned by the international media as “the Laziest people on earth!”, somewhere between end of 2009 and 2014.
Time to get out of the EU – if you don’t it will just get worse.
The story of the financial plight of Eleftheroudakis since the euro crisis is told very differently by professional booksellers. I am reluctant to post details here, but will merely comment that in Greece much of the private sector until recently was doing astonishingly good business selling to the public sector at inflated prices.
shhhhhhhhhhh
more useless conspiracy.
Try using the words *useful evidence*, then your comment might be apposite. You might also try listening to people who know some facts, as opposed to shouting your silly agenda.
This is indeed true. But I don’t know of any bookshop that could afford 70,000 per month rent on their Athens shop. Absurd if that is the correct figure.
The abolishment of any capital controls is the main disease of any crisis in the last 60 years, it was forced on all parties and governments worldwide by the shadow state of money-scum that corrupts anything except from anarchist punkroq and political prisoners
My daughter regularly took my grandsons to Eleftheroudakis when they were primary school age, and in the State sector. There was/is a seating area for reading and she selected books for them to read on the spot, always making a purchase, often given to the school or other family. Thus their meagre school instruction was developed hugely. One of my grandsons is now a professional actor, at present in Moscow and the other a philosophy, final year undergraduate in Britain, after a year in Paris.
Thanks to Eleftheroudakis for inspiration and enlightenment.
Yes, I didn’t mean to disparage the importance of Elefth. to Greece and to the promotion of education in Greece. My comment was merely a sad reflection on a common practice and foolish business strategy in Greece, which is a large part of why Greece is currently in an economic mess.