When Mouzenidis Travel Boris Mouzenidis passed away from complications due to COVID-19 some weeks back everyone figured his son Ioannis would be able to maintain the huge Greek tour company. But positive thinking and even ability have little to do with the life and death chasm the pandemic has created for businesses like Mouzenidis Travel. One of Greece’s most prosperous tour companies has suspending operations.
Last Tuesday the famous Greek company filed for administration in order to be given protection from creditors. According to the various reports, the Thessaloniki-based company accrued more than 100 million euros in debts these past months, most of which is owned by partner hotels all over Greece. Today, Mouzenidis Group hotels are not accepting visitors, all except for at Bomo Club Palace in Glyfada.
Mouzenidis Group, which catered to Russian and Eastern European clients, also runs the airline Ellinair, real estate firm Grekodom, the Kriaritsi investment, MBG services, transport firm Cargo CSR, Bomo Hotels, Enigma Shopping Center in Halkidiki, Greek Furs operation, Active Mice event planning firm, Elion Club (VIP services), children’s camp Elin Camp, and many other business concerns.
The volume of Russian tourists to Greece has not been anywhere near 2019 levels. And news that Athens authorities backtracked on a promise to allow Sputnik V vaccinated passengers does not make the situation any better. Some European news outlets have published stories saying the Russian authorities are punishing Greece by limiting visitors, but there’s no proof any such geo-policy maneuvering is taking place.
Most Greek tourism-aligned companies are inches away from where Mouzenidis Travel is right now. And experts fear Mouzenidis Travel’s insolvency could mean that Ellinair is pulled into the abyss. What a bitter twist of face, for Greece’s fastest-growing airline in 2020 to be on the ropes now.