November 30, 2022

Valley Post

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Risk of major closure in a well-known bakery chain

© Rakorn |

The jump in energy costs combined with the increase in raw material prices caused an explosive mix in the market with unexpected developments.

The well-known bakery chain “Venetis”, which has 120 stores of which 60 are franchisees, is facing serious sustainability problems and the risk of store closures cannot be ruled out.

Panagiotis Monemvasiotis, CEO and owner of Vinetis bakery restaurants, made no secret of his concern because “the situation is spiraling out of control.”

“Energy costs are five times higher and the prices of raw materials go up every three days. If nothing is done, all our stores will be closed,” he added. He also sent a letter to the Prime Minister expressing his concerns.

It is a message of despair. Every day our franchisee partners, who own 60 of the chain’s 120 stores, complain that they don’t go out and want to close. The same goes for the 60 privately owned stores that face five times more energy costs this year than last year. At the same time, the prices of raw materials are rising every three days and there is a shortage as well. We can’t take it anymore. It is imperative that we get cheaper energy for all bakeries and not just KAD 1071,” he stated, among other things.

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