date:Jan 21, 2014
The Chairman of the Basque cooperative group Mondragn, Txema Gisasola (pictured), has resigned citing personal reasons in the wake of the massive debt problems incurred by the group's supermarket chain Eroski.
Loss-making electrical appliance manufacturer Fagor, which also falls under the Mondragn banner, filed for receivership in November after it failed to raised the funds needed to service accumulated debts of over 850 million.
In a statement, Mondragn said its board was setting up a manag