Kingfisher Plc moving into the Romanian market
Kingfisher Plc, Europe’s largest home-improvement retailer, said it was expanding into the “attractive” Romanian market, just as British department store group Debenhams quit the east European country, blaming difficult trading conditions. Kingfisher said on Thursday it had purchased Bricostore’s 15 stores in Romania from French firm Group Bresson. Kingfisher agreed to pay €75 million ($98 million), Bloomberg reported citing a person familiar with the transaction. The company plans to convert the stores, which made a profit of €5 million on sales of €131 million last year, into the Brico Depot format it trades in France and Spain. It sees scope to grow the business to around 50 stores.
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