CTC Group today announced the sale of Ermes Department Stores and all its related assets, marking the end of an era in Cyprus retail. The Group, which began its operations in Cyprus as Woolworth, has decided to divest this iconic business as part of a broader strategic plan.
It is important to note that Debenhams Olympia is not part of this transaction, as it was previously sold to the Bank of Cyprus and Hellenic Bank.
As usual, we will keep you updated on Olympia. At the moment, we have no new information regarding its future. Construction works have not yet started, and it remains uncertain whether they will begin at all.
