Alicoop, the Algarve Food Cooperative, will close the last 16 of its stores by the end of next month.
“It’s my decision,” said President José Antonio Silva. “The last 16 Aliccop stores will close by the end of May.”
The closures will affect more than 400 workers and 280 suppliers and creditors.
Alicoop has debts of 80 million euros and a recovery plan proposed to Caixa Geral de Depósitos bank was not approved.
“Our workers do not accept the closure of the stores, but our creditors are not able to give us conditions to do the replacement of stocks and, as such, the stores become unsustainable,” said José Antonio Silva.