Six Ethos stores become Chilipir Shop

The company that took over Ethos network stores from Bucharest businessman Ion Soloman is set to turn six supermarkets into Chilipir Shop ("Bargain Shop" i.e.) apparel outlets, with the first of them to be opened today in Targoviste. The operator of the network is a company set up this year, Chilipir Shop, controlled by an offshore of Cyprus, Vismonto Trading Limited. "Vismonto Trading is a Greek-held company registered in Cyprus for taxation reasons," stated Mihai Ilincuta, manager and minority shareholder in Chilipir Shop, with a 20% stake in the company's share capital. He chose not to provide any further details about the company's majority shareholder. "I will bear 20% of investments operated in Chilipir Shop," Ilincuta also said. Vismonto Trading Limited owns stakes in another three companies registered in Romania this year, namely Modern Retail SRL, Livorno Store SRL and Vismont Impex SRL. One of these firms may operate the rest of 12 Ethos stores that will remain in business on the supermarket market. At this moment, all Ethos supermarkets in Bucharest are closed.