Asesoft buys Flanco, banks also become shareholders
Flanco has entered insolvency after accumulating debts to several banks and was looking for an investor to inject some cash into the company. The company announced it managed to exit insolvency after eight months, in July this year, after submitting a reorganization plan. Asesoft took over Flamingo's distribution division in 2009. Asesoft also owns 51 percent of online retailer eMag.ro. IT&C retailer Flanco also runs an online sales platform, besides its network of stores across Romania.
Asesoft, eMag.ro and Flanco have a cumulated volume of yearly sales estimated at USD 500 million.
romania-insider.com