By S. Emmanuil
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Members of the Koutsolioutsos family will also reportedly resign from the board of the Hellenic Duty Free Shops SA, following the latest developments in beleaguered Folli Follie Group, which was founded and led for decades by the former.
The report comes after a second petition by FF Group for temporary protection from creditors was rejected by an Athens first instance court.
The latest reports on Wednesday evening had Dimitris and Tzortzis Koutsolioutsos as resigning as an executive member and president of the board, respectively. The Hellenic Duty Free Shops’ website now shows a three-member board, from the previous five-member board of director.
Tzortzis (George) Koutsolioutsos resigned last June from the board of directors of Swiss group Dufry, which owns 100 percent of Hellenic Duty Free Shops SA.
The multinational travel retailer purchased 51 percent of Hellenic Duty Free Shops in 2012, with the Koutsolioutsos family acquiring 4.1 percent of the Dufry’s shares and the right to appoint a non-executive board member. Dufry purchased the remaining 49 percent of Hellenic Duty Free Shops in 2013.
