Romania retailer Flanco budgets expansion and turnover growth this year

Romanian IT&C retailer Flanco aims for a turnover of EUR 140 million this year, after announcing EUR 110 million sales for last year. The 77-store chain plans to add more units this year, with an investment budget of EUR 3.5 million. Five new stores under a new retail concept are in plan, and so is hiring 100 new employees.

The growth in the retailer's sales stood at 37.5 percent, while its operational profit reached EUR 3.5 million. Flanco, with its existing 870 employees, kept employing in 2011, adding 270 people to its team over the year. Last year, Flanco invested EUR 8.5 million in opening 14 new stores. The local IT&C retail market stood at EUR 1.1 billion last year, according to Flanco's estimations, which expects to see this market segment reach EUR 1.2 billion this year. Flanco is majority owned by Asesoft Web, owned by Iulian Stanciu and Sebastian Ghita. Asesoft bought the retailer in 2010, when it was on the brink of bankruptcy. The retailer became insolvent after accumulating debts to several banks. editor@romania-insider.com