Greek Home furniture retailer Fourlis announced that it has signed an initial agreement with InterIKEA for the development of IKEA stores in Bulgaria, according to media reports. Fourlis revealed that the first store is expected to open in 2008. Fourlis also said it will establish a Bulgarian subsidiary for the purpose of expanding there, and will hold 70 pct of its share capital and full management control.
The company also wants to introduce IKEA in Romania, Serbia and Macedonia.
IKEA sells low-price products, including furniture, accessories, bathrooms and kitchens at retail stores around the world. The company has over 220 stores in over 30 countries in Europe, Asia, Australia and the US.
Bulgarian company "Ludogorie 91", based in Kubrat, has been producing kitchen chairs for IKEA for 10 years. IKEA owns 90% of the company's capital.