Algarve-based retail group Alicoop, which went into administration a year ago with debts of around 80 million Euros, is close to making a comeback after a recovery plan was put together.
José António Silva, the current Alicoop President, told Lusa news agency: “Alicoop’s return to trading activity depends on the implementation of the recovery plan, which awaits publication of the document in the official Government publication Diário da República, which should happen in the coming weeks.
“There are compelling legal issues to be finished, such as the approval of the plan and the formation of a new company and the selection of the new management personnel,” he added.
The new administration will set a timetable for the reopening of the group’s 87 stores in the Algarve and in Lisbon, which also depends on the re-employment of workers who had their contracts suspended.
José António Silva said he dismissed “any possibility of being part of the new administration”.
“It makes no sense to me, after all this complicated process of insolvency. However, I am available to cooperate with the new administration when needed, without having any managerial ties with the company.”
