The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale In Non-Specialised Stores 47.11 - Retail sale in non-specialised stores with food, beverages or tobacco predominating
1,700 jobs Number of planned job creations
Announcement Date
20 April 2005
Employment effect (start)
1 July 2005
Foreseen end date
31 December 2006
Description
After one and a half year since the opening of its first hypermarket in Romania, Cora (Bucharest, Bucharest region) announced it will open new stores in the country. The second Cora store will be opened in the third quarter of 2005, totalling €40 million investment and creating around 1,000 new jobs. Another 700 employees will be hired in 2006, following investment of €25 million in a third store in Cluj (Centru region).
Even if Cora is still not making a profit from its activity, the annual growth rate for sales is 30% and the company plans to open at least one store a year, with the first profits set to emerge as late as four to five years from now.
Cora is part of the French group Louis Delhaize, totalling more than 81 stores in France, Luxembourg, Belgium, Hungary and Romania. The group also owns the Profi discount chain in Romania and decided to set up a joint acquisition centre for both market operators.
Sources
20 April 2005: Ziarul Financiar
21 April 2005: Economistul
21 April 2005: Ziarul Financiar
20 April 2005: Economistul
Citation
Eurofound (2005), Cora, Business expansion in Romania, factsheet number 61443, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61443.
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