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Sep 19, 2007 18:49 EEST
BUCHAREST (Romania), September 19 (SeeNews) – Romanian information technology group Flamingo International said on Wednesday it will sell its distribution unit Future Shop to multinational retail company MCS Communications this month.
Company officials declined to disclose the price of the unit.
“From the moment we bought and integrated retail company Flanco in 2006, our development strategy has changed significantly. Future Shop[..] remained behind,” Flamingo said in a statement.
Future Shop now comprises six units. Flamingo has closed another 12 stores since 2006, also as part of its development strategy.
Flamingo International includes the household appliances chain Flanco and information technology and communications products stores Flamingo Computers.
In June, the company sold its Serbian and Macedonian units to focus on its operations in Romania.
Flamingo International, the holding company of the Flamingo group is listed on the Bucharest stock exchange. Its shares closed down 0.79% on Wednesday at 0.377 lei ($0.16/0.11 euro) per share.
(1 euro= 3.3716 Romanian lei)
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