Flamingo changes 2009 expansion plans

Flamingo International, specialised in electronics, home appliances and IT&C products retail, will revise next year's financial forecasts and expansion plans, amid a slowdown in consumption, at least as concerns the first half. "We are constantly adapting to the ongoing situation, to the market growth, to consumption, to credit sales. But there will definitely be variations in 2009, from what we were targeting six months ago. We think there will be a slowdown in consumption, at least in the first half, which we have to incorporate into our expansion plans," Dragos Simion, chairman of Flamingo International's Board of Directors told ZF. Rival network Romsoft's officials in turn explained their decision to restructure by the lower growth than market estimates, a context in which the company estimated that a new store would take longer to turn a profit.