Cinca steps down from the helm of Flamingo

Flamingo International stepped into the black in 2007, amid a 30% sales increase, to 170 million euros. Electronics and home appliances retailer Flamingo International (FLA) reported business worth 171 million euros in 2007, a 29.5% increase on the 132.1 million euros posted in 2006. The results exceeded initial estimates by 9 million euros, prompting the company to step into the black, after it had accumulated losses of almost 13 million euros in 2006. The company saw a profit worth 500,000 euros last year. “Flamingo International Group completed the restructuring and consolidation process of the company in 2007, and this year will concentrate fully on its core business,” said Jiri Rizek, the company’s CEO. Along with reporting the company’s financial results, the retailer also announced the appointment of Dragos Simion as chairman of the Board of Directors, taken over from the main shareholders, Dragos Cinca, one of those who founded the company in 1994.