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 Ţiriac 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 Ghiţă, 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.
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 Ţiriac 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
