Gencom Ltd acquires four ERA department stores in Cyprus for one euro

On September 1, 2025, the acquisition of four ERA department stores in Cyprus by Gencom Ltd was officially completed for a nominal price of €1. The transaction, which had been signed on May 8, 2025, and approved by the Commission for the Protection of Competition on July 17, saw the buyer assume the long-term leases, staff, infrastructure, and outstanding supplier orders valued at approximately €4.5 million. The deal marks a strategic exit for Ermes Department Stores, which had reported operational losses of €1.3 million in 2024.

The stores involved in the transfer are ERA Mall of Cyprus in Nicosia, ERA Apollon in Limassol, ERA Korivos in Paphos, and ERA Zenon in Larnaca. While property ownership remained with the original holders, Gencom acquired all store equipment, furniture, trademarks, website domain names, and the full share capital of ULS Unique Loyalty Services Ltd, which operates the UNIQUE customer rewards program. The detailed regulatory decision published in the Official Gazette on August 28 clarifies that this transfer allows Ermes to divest from underperforming retail segments while Gencom assumes all commercial and operational liabilities associated with the ongoing business operations of these locations.