Ermes offloads ERA stores to Gencom for €1 in restructuring deal

Ermes Department Stores Plc has reached an agreement to transfer the operations of its four ERA department stores to Gencom Ltd , a Nicosia-based company, for a nominal sum of €1 .

The decision forms part of Ermes’s wider strategy to exit loss-making ventures and improve its financial health.

The agreement has already been approved by Ermes’s board of directors, though it remains subject to clearance by the Cyprus Commission