Sale of ERA Department Stores by Ermes to Gencom
May 9, 2025
Ermes Department Stores Plc has sold the ERA department stores to Gencom Ltd for 1 euro as part of a restructuring strategy. The deal is expected to help Ermes divest from loss-making activities and includes the transfer of staff and equipment. Despite the low sale price, the company expects to realize an accounting profit. The transaction is still subject to approval by the Cyprus Competition Protection Committee.