Fourlis is accelerating a broad transformation plan that will cost €10.7 million in 2026 but is expected to generate at least €9 million in recurring annual benefits from 2027. The group is restructuring store operations, centralising key services and moving ahead with a deal involving the Holland & Barrett business.
CEO Giannis Vasilakos said redundancies are explicitly ruled out, especially for employees with long service inside the group. Instead, the company is offering a voluntary exit programme for people who do not want to adapt to the new operating model, including those nearing retirement or considering a career move elsewhere.
The package reportedly exceeds 20 monthly salaries, with total value after tax reliefs amounting to roughly 2.5 years of pay. Employees who stay may be reassigned or retrained, with the group preparing reskilling measures alongside possible role changes.
Store closures and savings
Fourlis plans to close around 10 loss-making stores across countries and concepts during 2026. That move will cost €3.9 million, including asset write-downs, employee compensation, IFRS impacts and lease termination penalties.
The company expects the measure to deliver €3.5 million in annual benefits from 2027. Management said the closures reflect the need for quick reactions in retail, especially where weaker consumer sentiment has pushed some stores into negative territory.
Centralising services
Another part of the plan is the centralisation of IT, finance, HR, procurement and legal functions. That programme will cost €4.4 million and is due to be completed by September 2026, with full benefits starting on 1 January 2027.
The expected annual gain from the centralisation is €3.4 million. In total, the group says the various restructuring actions should create a more efficient operating model while limiting disruption to core businesses.
Holland & Barrett deal
A third element of the transformation is the planned completion of the agreement with Golden Age Capital for the Wellness Market division and Holland & Barrett stores. The transaction, priced at €2.4 million, is currently in due diligence and is expected to close within the month.
Despite the restructuring and weakness in Romania, Fourlis kept its 2026 targets unchanged. It still expects €645 million in sales, a gross margin of 46.5% and EBIT of €15 million to €17 million, equal to 2.3% to 2.6% of sales.
By 6 June, the group said sales were up 8% and like-for-like sales rose 4%. Performance varied by segment: home equipment was up 4%, sports goods increased 16%, and Holland & Barrett posted sales growth of 26%.
