Greece's PublicWorld Shuts Down Operations in BulgariaBusiness | April 1, 2010, Thursday // 19:07| views
PublicWorld is pulling out of Varna. Photo by www.aimoti.com
After five months on the Bulgarian market PublicWorld SA, a technology and entertainment retail chain, is pulling out of the country, company officials announced on Thursday.
In November 2009, the Greek-owned chain opened its first store in the Black Sea city of Varna hoping to invest over EUR 10 M in Bulgaria over a period of three years.
The decision to withdraw from the Bulgarian market is based on the results of their first 5 months of business activity and is linked to the incompatibility of the PublicWorld's innovative concept to the current needs of the Bulgarian market, the company said in its official press release.
Another factor that played part is the general downturn in the market, which has significantly changed consumer habits.
The company says it is ready to provide fair compensation to its 33 employees, exceeding the requirements of the Bulgarian legislation.
"The company will provide significant financial reward to each employee , as a sign of respect for their efforts and loyalty," states the Publicworld's press release.
Further, the company assures its customers who have pending deals with the store in Varna, be it IT equipment, gift checks or valid guarantees, that they will be fully covered.
Set up in 2005 by the founder of Germanos, PublicWorld currently operates in Greece and Cyprus.
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