Woolworths (Cyprus) Woolworths (Cyprus) F. W. Woolworth & Co (Cyprus) Ltd was, until the end of 2003, the leading chain of upmarket department stores on the island of Cyprus with branches in all the major cities. The Cyprus company had its roots in the American parent F. W. Woolworth Company in the 1950s, which used its British arm to spread Woolworths stores throughout the British Empire. Initially there was only one Woolworths in Cyprus, in the capital city Nicosia, but in 1985 the company was sold to the local businessman Nicolas Shacolas (now OBE) who rapidly opened new stores in the island's
Economy of Cyprus Shiarly, stated that the European Central Bank, European commission and IMF officials are to carry out an in-depth investigation into Cyprus' economy and banking sector to assess the level of funding it requires. The Ministry of Finance rejected the possibility that Cyprus would be forced to undergo the sweeping austerity measures that have caused turbulence in Greece, but admitted that there would be "some negative repercussion". In November 2012 international lenders negotiating a bailout with the Cypriot government have agreed on a key capital ratio for banks and a system for the sector's supervision. Both commercial banks and cooperatives will