Ermes has announced the completion of the sale of its ERA Department Stores to Gencom, through a notice on the Cyprus Stock Exchange (CSE) website.
According to the notice, "Further to the announcement by the Public Company Ermes Department Stores Plc ("Ermes") dated 09/05/2025, the Company informs its interested shareholders and the investing public that the Agreement for the disposal of the ERA Department Stores Business to Gencom Ltd has been completed today. All relevant details of the aforementioned transaction are included in the Company’s announcement dated 09/05/2025."
Ermes Department Stores, a subsidiary of the CTC group, in May said it had proceeded with the sale of all four ERA department stores, namely ERA Mall of Cyprus Nicosia, ERA Apollon Limassol, ERA Zenon Larnaca and ERA Korivos Paphos.
The stores were sold to Gencom Ltd, with the sale price amounting to the nominal amount of €1.00 (one euro). Gencom is a company created for the purpose of the specific transaction by a group of investors from Greece with experience and expertise in Greek retail and e-commerce.
Also read: Greek retail giants behind ERA Department Stores acquisition
