Employees of Alicoop who took out loans two years ago to help save the supermarket chain from bankruptcy are now unable to make repayments and are facing pressure from lenders.
Approximately 250 workers are now severely indebted after they agreed to take loans with Banco Português de Negócios (BPN) in order to inject almost €1.7 million into the business and become shareholders in the company, in the hope of saving it from bankruptcy.
The workers, whose loans vary from €3,500 to €20,000, are now being pressured by the bank to pay back the outstanding loans and some have even been black listed by the Bank of Portugal.
An Alicoop worker told Barlavento newspaper: “I wanted to buy a washing machine that costs around €300 but was denied credit due to my situation with BPN. I had no money to buy my granddaughter gifts this Christmas. I don’t know what to do.
“I feel betrayed and deceived. It had been agreed with the Alicoop administration that anyone who decided to leave the company and find work elsewhere would be relieved from this loan obligation. The agreement is not being respected.”
The workers signed a document in order to collaborate with the company in the financial recovery plan. However, most are now unemployed and face great difficulties in making the monthly loan repayments to BPN.
Alicoop, which owns the Alisuper, Macral and GeneCo brands, is at risk of closing its doors once and for all if financial support is not forthcoming from the Portuguese Office for Support to Small and Medium Enterprises (IAPMEI).
After the company ran into financial difficulties in August 2009, with debts amounting to €80 million, the Alicoop management and workers developed a recovery plan which was approved by Silves Court in August this year.
A spokesman for Alicoop said: “The company has faced some bureaucratic hurdles with IAPMEI but the process is running normally now.”
