23/06/2021
Dear clients, partners, employees,
from the spread of the Covid-19 pandemic in March 2020 before the beginning of the summer season to the present day, our company is doing everything possible to return to its normal operation, having a drop in turnover of 95%.
Mouzenidis Travel is the only Tour Operator in Greece, that exclusively deals with inbound tourism to Greece, which means that the pandemic has affected all our activities, resulting in almost zero capital inflows for a year or more. The only financial support that we have received so far is the horizontal measure of the repayable advance, as well as the suspension of checks deadlines and the possibility of suspension of employment contracts with staff became obvious helpful, given the limited turnover. However, for our turnover, these amounts were insufficient to cover even the basic operational needs of our business.
It should be noted that 90% of the markets we operate in remained closed throughout the 2020 summer season. In connection with the above and in order to ensure the smooth functioning of our business, throughout the year we have conducted constant negotiations with the Government and the relevant ministries in the context of finding a solution with the main goal of covering our customers and suppliers, similarly to how such measures have been taken in other countries-EU members in accordance with applicable EU legislation. Today, despite the fact that it often seemed that we were close to solving the problem, it has not been possible to fulfill a certain plan.
The struggle to find a solution, as commenced by the founder of our company, Boris Mouzenidis, who passed away last March, continues with the same love, dedication, sense of responsibility and commitment on the part of his family members and heads of company departments. Restoring the Mouzenidis brand towards our partners, customers and employees, as well as restoring the solvency that has always characterized this name, is a top priority for all of us.
In order to be able to continue our struggle and focus on what we need to do, on the goals, the program to resume business continuity, we must immediately discontinue our customer service, adjust the way we operate and start the process of group reconstruction. The fact that this year, during the summer period of 2021, in the markets in which we operate at 90% and mainly in the Russian market, restrictive measures continue to be applied, not releasing any commercial flights from and to Russia, contributed even more to this decision.
With the goal of restoring operations and paying off our debts, waging this struggle alone, we, unfortunately, have no other choice.
We will keep the promise made to our dearly departed President by doing our best to fulfill our obligations, and soon our company will notify all of our creditors about the schedule of debt repayment.
Finally, we would like to note that the other companies of the Mouzenidis Group and the network abroad operate normally, continuing their work uninterruptedly, and despite the difficult time they aim to strengthen the Group.
