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Greece’s hundred-year-old bookstore closes due to debt crisis
- Updated: September 16, 2016
Athens: The largest bookstore in Greece with 118 years of history, Eleftheroudakis, will be sealed on Sep 30 due to a seven-year debt crisis.
The bookshop chain’s executive store, swelling over 8 floors in a executive Athens entrance tighten to a parliament, was a final bookstore still handling following a closure of some-more than dual dozen branches in new years, Xinhua news group quoted a owners as observant on Thursday.
The sequence started as a family business in 1898 with a bookstore on Syntagma square. The Panepistimiou entrance flagship was non-stop in 1995.
“Friday, Sep 30, 2016 outlines an finish and also a new beginning. We are shutting a bookstore and we are meditative outward a box,” a Elefteroudakis family matter read.
“We are scheming a subsequent ‘bookshop’, though we will not do it as prolonged as there is not a certain and fast business sourroundings in a country,” pronounced a press release.
The final store’s manager Sofia Eleftheroudakis explained that a collateral controls introduced in Greece final year was a final serious blow to a family business, as good as to several other enterprises in a country.
Eleftheroudakis had a 24 million euros turnover in 2008 and about half a million final year, according to a family. The array of employees was gradually reduced from 130 to 10 in a same period.
Regarding a new commencement in a future, Sofia Eleftheroudakis pronounced a family would concentration on online sales.
In 2013, another ancestral bookstore, Estia, sealed in Athens after 128 years in operation.
Since 2008, some-more than 400 tiny bookshops and incomparable bondage have closed, according to a Association of Greek Books. About 1, 500 bookstores are struggling to tarry as sales and revenues have dramatically declined in a years of a crisis.
In 2008, a turnover of a marketplace stood during 250 million euros. Last year it was estimated during rebate than 150 million euros. Despite a rebate of sell prices, sales have shrunk by 50 per cent as a purchasing energy of booklovers has decreased due to austerity.
The matter on Eleftheroudakis bookstore closure came a few hours after Irina Bokova, Unesco’s director-general, announced on Wednesday that Athens would be a World Book Capital for 2018.
Athens is a 18th city to be named a World Book Capital by Unesco, endeavour a shortcoming to organize a array of events to foster books and reading activities over a year.
(1 euro = $1.12).