The Israeli retailer had hoped that Romania would be the base for its international development.
Sources inform ''Globes'' that Israeli fashion chain Honigman Fashion Ltd. is closing its Romanian operations, three and a half years after entering the country with big hopes for international development. The company will soon close its nine stores in Romania, which operate under the TNT label, after losing millions of shekels on the venture.
Honigman opened its first store in Romania in May 2007, and opened five more stores within months, at a total investment of NIS 6 million. The company's owners, brother Yaakov and Micha Honigman, said at the time that their business plan included the opening of 40 stores in Romania within 3-4 years. The company would own the stores directly. They also said that Romania would be the base for the company's international development.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011