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Electro World in talks with foreign investor

Troubled electronics retailer Electro World is in talks with a foreign investment group and could still survive, after a conversion, operating far smaller stores than before, the group's CEO Karoly Andras Nagy told MTI on Friday.

The group, which operated consumer electronics stores in the form of independent companies, went bankrupt after its former owner, the UK's Dixon Group, withdrew its support and because its turnover dropped due to the crisis.

The brand name in itself is valuable enough to attract a buyer, Mr Andras said, because it takes time and money to build a new brand name. In the new concept, however, one store would have an area of a maximum 1,000sqm in Budapest or a few hundred square metres at locations outside the city.