EnglishPrimex, the company that operates the Teknosa and Cosmo electronics retail chains in Romania, filed for bankruptcy at the Covasna County Court on 14 April. Two weeks ago, Teknosa representatives announced they were going to close the stores in Romania for renovation, although barely half a year had passed since the respective stores had been reopened under the Teknosa brand.
Teknosa is the largest retailer of electronics and home appliances in Turkey and is property of Sabanci Holding. In 2006, Sabanci Holding paid 5 million EUR for 51% in Primex, a company established by Gyorgy Baba. Primex at the time controlled a network of 30 stores measuring up to 400 square meters each. In March 2008, Primex was operating 40 Cosmo and 7 Teknosa stores.
Primex concluded last year with 27 million EUR in turnover, down by 6 million EUR from 2006. Initial plans for this year included the opening of 15 Teknosa stores for at least 9 million USD.
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