The historic chain of electrical stores, Electroniki, announced on Wednesday night that it  launched a bankruptcy procedure.

The company was facing many economic problems over the last few years after its attempt to expand its business activities to Greece, Cyprus and the Balkans, but thanks to coordinated restructuring moves, it managed to survive.

However, last year’s negotiations and its tragic consequences led the company with more than 450 employees to bankruptcy. The deathblow to the company, though, was the imposition of capital controls and the restriction of the purchasing power of the consumers.