Ermes Department Stores PLC has confirmed the sale of its four ERA department stores to Gencom Ltd for the symbolic amount of one euro, in a move the company says aligns with its broader strategy of restructuring and financial consolidation.

The sale, announced on May 9, 2025, marks a significant shift in the company’s business direction. According to Ermes, the decision is part of a long-term plan to liquidate non-core assets, reduce operational complexity, and relieve financial obligations. The company clarified that this realignment is not the result of abrupt pressures but rather a deliberate strategy aimed at ensuring long-term sustainability and transparency.

Despite the sale, Ermes remains active in the retail and hospitality sectors. It will continue operating several fashion and lifestyle brands, including Next, OVS, Springfield, Women’secret, and Glow, alongside its food and beverage outlets Ergon Deli + Café and Ergon To Go. These businesses, along with related inventory and equipment, now represent the company’s primary assets.

In official statements issued over the past week, Ermes emphasized that the sale will have a positive operational impact, reducing costs and simplifying management processes. It also allows the company to focus on its “strategic priorities for responsible financial management and regulatory compliance.”

Importantly, Ermes assured that the transaction would not disrupt service for customers or business partners. Measures have been taken to ensure a smooth transition, preserving continuity across operations where necessary.

The company also noted that it has not yet made any new decisions regarding future investments or ventures. A full picture of its financial status will only be available once the department store sale is fully concluded and approved by the Commission for the Protection of Competition. As a result, audited financial results for the year ending December 31, 2024, are expected to be published in September 2025.