Sprider closes after 35 years trading

Greek casual wear Sprider Stores has announced its closure after 35 years in the trade.

The company was founded in Athens in 1978 and was listed on the Athens stock exchange in 2004, filed for protection from its creditors under Article 99 of the Bankruptcy Code in January.

The retailer broke the news Tuesday, saying that it has suspended all operations and will be closing its network and dismissing its 800 members of staff, reported the online paper ‘Kathimerini’.

After entering the special regime in January, the ailing retailer has had to take drastic measures as it has failure to face its 90 million euros debt. In order to pay full compensation to its creditors and suppliers, the company's management said on Monday that it is planning to sell off its sizable assets.

"This development is due to the recalcitrant stance and refusal of the banks to continue funding," the company said.

The Greek fashion chain, that had a presence in Greece, Romania, Bulgaria, Cyprus, Serbia and Poland and generated sales in the region of 160 million euros, has closed the first half of the year into the red, with losses amounting to 25.22 million euros.