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Alicoop reopens more stores

Supermarket chain Alicoop reopened nine more stores. The group received around €330,000 from the BPI bank in February to pay suppliers and reopen several stores.

Carlos Tuta, administrator of the supermarket management company Terra Exclusiva, which is trying to save the business, told the Algarve Resident: “We have already opened 22 shops and by the end of September we want to open 10 more.” He said two stores in Quarteira, two in Albufeira, one in Sagres, one in Lagos, one in Vila do Bispo, one in Vila Real Santo António and one in Castro Marim are the ones who reopened recently. A shop in Praia da Rocha is also due to open in the next few days.

Meanwhile, a new recovery plan for Alicoop is under discussion. “There is an investor from the fruit trade group Nogueira, who wants to take over the operation of the stores,” said a spokesman from Alicoop.

Alicoop ran into financial difficulties in August 2009 with debts amounting to €80 million.

The company’s management and workers developed a recovery plan which was approved by Silves Court in August this year and the company is re-opening its stores in stages.