Technomarket Gets a 20 Million Leva Loan

The Bulgarian consumer electronics chain “Technomarket” extended its credit with First Investment Bank with 20 million leva. The prior credit was 24 million, meaning that now Technomarkets owes 44 million leva to Fibank.

The new contract with Fibank added the firm “BL- retail real estate” as a co-debtor to Technomarket. BL was created in October 2017. It’s a subsidiary of the “Blagoevgrad BT,” a tobacco company that has a majority share in Technomarket.

Capita.bg reported on the event and analyzed the chain’s position on the market. Once the leader in electronic sales in Bulgaria, Technomarket lost its place to eMAG and Technopolis, despite retaining its largest amount of stores in the country, currently being in most major Bulgarian towns.

In the last several years, Technomarket saw a constant decline in revenue, falling 36% in 2016. The company’s strongest year was in 2008 when it made 830 million leva. Technomarket’s model utilizes large physical stores, but the market has moved on, with consumers often preferring to buy things online and not having to transport their electronics from the store to their homes.

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Alex Dimchev

Alex Dimchev is a writer, editor, and weapons master for EUscoop.com

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