Soloman sells Ethos network

Ion Soloman has sold the 21 supermarket-chain Ethos, one of
the biggest Romanian food retailers, which is having serious cash
problems as a result of the crisis, Business Magazin reports
quoting market sources.
The buyer might be a Greek retail company, Vismonto Trading,
which intends to keep part of the stores and turn the rest into
clothing outlets, retail market sources told ZF. Contacted by ZF,
Soloman declined comment.
At the end of last year, the Ethos owner transferred his
supermarkets to a newly established company, Ivet Logistic, but
made no changes to the shareholder structure of the retailer.
Meanwhile, the former operator of the network, Ivet Comprod, filed
for insolvency, with several insolvency petitions registered with
the Bucharest Court of Law for Ivet Logistic, as well.
Ethos, one of the biggest supermarket chains built with
Romanian capital is a family business that posted 33 million-euro
sales in 2008. Last year, Soloman expected 28 million-euro
business, down about 10% from 2008. The Soloman family opened the
first food shop in 1992 and started developing the Ethos
supermarket network in Bucharest in 2001.