Flamingo drops US and Croatian operations

Flamingo retailer, one of the leading players on the IT&C market, restructured some of its operations on the foreign markets in January by selling its stake in the IT Solar LLC company in the United States and by giving up its operations in Croatia. Flamingo management said the company would focus on a strong development on the markets in Serbia and Montenegro. Flamingo officials explained these moves as being due to significant changes taking place on some of the foreign markets the company operates on. Another reason for which the retailer decided to carry out this restructuring is the focus on the new opportunities arising after their acquisition of the electronics and home appliances chain Flanco, added the company management in a release sent to the Stock Exchange. Company representatives were unavailable on Thursday for further comment. IT Solar is a company from which Flamingo used to buy certain IT components from Asia, which were mostly used for its private brands. IT Solar was commercially dependent on Flamingo, with the financial results of the firm being consolidated with those of the Flamingo group. ZF