End titles for Atlantic

The economic crisis in our country has acquired dramatic proportions. Within less than a year after its inclusion in Article 99, the Atlantic supermarket chain, the 15th largest employer in both the public and private sector in 2009, declared bankruptcy today.

And this comes as no surprise, since the company had been struggling during the last year, selling dozens of stores to the competition, closing others and pushing hundreds of employees out of work. So with decision 802/2011 of the First Instance Court, Atlantic is now declared bankrupt.  

According to information of protothema.gr, the total current debts of the company reach 200 million euros, while only 40 million will be repaid within five years. And it is characteristic that only 10% of the company's creditors have accepted a compromise (a 51% required in the process of conciliation approval), leading Atlantik and its president Manolis Apostolou to a dead-end.

Until yesterday, Atlantic had a capacity of 30 branches and 800 employees, who are now left out of the labor market during a very difficult period.