GSM retail chain Say undergoes reorganization

Newsroom 28/09/2011 | 18:04

The GSM retail chain Say is currently undergoing reorganisation. The demand for legal reorganization of the store chain was approved by the Bucharest Court on September 26.

Casa de Insolventa Transilvania was appointed to manage the reorganization of the company.

The GSM retailer had to start reorganization procedures due to “a flawed financial background that was inherited from a deficient previous management,” according to the press release.

The retail network was part of the Globalicom-Trade LTD group, an Israeli company listed on the Tel Aviv stock exchange that dissolved in July 2011. The Say brand was left with no financing.

At the beginning of the year Say changed its management as Petrut Stoica, former CEO of Avenir Telecom was appointed at the helm of the company.

The reorganization process targets attracting an investor, and at this point there is one investor interested in taking over the network.

“There already is an investor who intends to take over the 68 stores that are currently part of the network. Moreover, by the end of the year we plan to open 19 new stores and based on financing from the new shareholders, we estimate that by the end of 2012, the number of Say stores will reach 100,” said Stoica.

The company posted a turnover of EUR 9.5 million (RON 41,000,000) at the end of last year and it estimates that it will end this year with a turnover of nearly EUR 10 million (RON 43,000,000).
Otilia Haraga