A Romanian retailer and an international trade group with
operations on the Romanian market have expressed interest in taking
over insolvent store chain Flanco, according to market
sources.
The home appliances store operator, with around 70 stores at
present, has been recently put up for sale by ING, UniCredit Tiriac
Bank, and BRD banks, its main creditors. They are seeking to
attract an investor with cash available, able to bring at least 14
million euros into the company in order to settle the guaranteed
debts and to support a sales rise in the last three months of the
year.
The Romanian retailer interested in Flanco could be Asesoft
Distribution, which controls eMag, the biggest IT&C retailer on
the Romanian market, specified the quoted sources. Asesoft, with
around 100 million euros in turnover in 2009, is held by Iulian
Stanciu and Sebastian Ghita, and was involved in a previous
transaction with Flanco in 2009, when it took over the distribution
division of Flamingo - operator of Flanco stores.
The two entrepreneurs could be challenged in their takeover attempt
by an international rival of Asian origin, according to market
information. Contacted by ZF, Stanciu denied Asesoft's interest in
taking over Flanco, specifying he was not in talks with the
retailer's creditors.
06.09.2010. 00:00
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