Ermes Department Stores Plc has completed the transfer of its ERA department store operations to Nicosia-based Gencom Ltd for a nominal sum of €1, the company confirmed following its May 9 announcement.
The disposal, finalised on Monday, forms part of a broader restructuring strategy aimed at streamlining operations and reducing exposure to loss-making ventures. In 2024 alone, the ERA stores recorded operating losses of €1.3 million.
Under the agreement, Gencom
