Flamingo Reorganization

Flamingo Reorganization

After the beginning of July when QVT (who owned 22% of Flamingo auctions) requested the board of administration to consider discussing the dissolution of the company and after QVT had sued the company, Flamingo is passing through a time of reorganization, adopting new strategies.

This period is marked especially by the withdrawal of Dragos Simion from the president position and nomination of Alexander Adamescu, son of business man Dan Adamescu, beginning with 15th of September. Dragos Simion has declared that he strongly believes that in maximum of 3 years Flamingo will become the leader of the IT&C retail market.

Moreover reorganizing Flamingo means an entrance in shareholding of a foreign investment fond which bought the 22% from QVT, representatives of QVT declaring that all the court actions against Flamingo will be canceled.

The nomination of Alexander Adamescu once again confirms the interest of Dan Adamescu, through TNG holding which he owns and which has 17,54% of Flamingo auctions, of sustaining the Romanian retailer.

The major concern on short term for Flamingo recovery remains obtaining support from suppliers and contract closing with the owners of commercial spaces where Flamingo has or intends to have locations.