Dan Sucu removes Flanco from Baneasa Shopping City

Electronics and home appliances retailer Flamingo, controlled
by Romanian billionaire Dan Adamescu, has announced it will close
down the Flanco store in Baneasa Shopping City at the end of
February, and move it to Sun Plaza mall in the Berceni district of
Bucharest. The Flanco store was opened in September 2006 in the
Mobexpert gallery held by Domus, whose owner is businessman Dan
Sucu. “The owner and the tenant decided to terminate the contract.
We already have a new tenant. Finding a replacement was not a
problem,” Sucu said. The store covers 3,500 square metres and,
considering a monthly rent of 15 euros/square metres, the annual
rent could amount to over 600,000 euros. According to Flamingo
representatives, the store will be closed because of the low
traffic recorded in Baneasa’s shopping gallery, where it is
located. “At the new location, the rent is much more affordable and
we expect higher traffic, because the area not fully covered by a
shopping centre,” said Adrian Olteanu, CEO of Flamingo, a company
whose business was hit by the economic crisis and which filed for
insolvency seeking protection from creditors and in order to
attempt to restructure.