Shareholders of "Cocor" to decide in August on the opening date of "Cocor Luxury Store"

Ştefania Ciocîrlan

The shareholders of "Cocor" Bucharest, which owns the namesake store in the center of Bucharest, will decide on the opening date of the retail complex "Cocor Luxury Store" in the Board Meeting scheduled for the beginning of August.

The inauguration of the retail complex was initially scheduled for November 2009, but it may be postponed until the beginning of 2010, at the request of some of the retailers that leased stores in the complex.

"Some of our tenants asked us to postpone the opening of the complex until February 2010, as they have allocated larger budgets for 2010, and they would rather open the stores in time for the spring and summer collections that they are ordering now", said for "Bursa", Dan Bărbulescu, the chairman of the company.

"This is why we have decided to consult with our shareholders on the opening date", Mr. Bărbulescu added.

The company"s revenue and expense budget took into account earning an average of EUR 55/sqm for the retail areas in the complex "Cocor Luxury Store", a price which was set based on obtaining the bank funding needed for achieving the project.

Investments in the renovation of "Cocor" caused the company a 1.19 million lei loss in the first quarter, and caused its turnover to drop by almost half (47.6%), to 2.19 million lei. "Cocor" is listed on the Rasdaq tier of the stock exchange, with the symbol COCR. Financial Investment Companies SIF "Muntenia" and SIF "Transilvania" hold approximately 10% and 9% of the company, respectively.