The management of Elmec Sport jointly agreed with Cortefiel Group, that owns the ("WOMENSECRET") brand, to terminate the agreement of exclusive distribution in Greece and Bulgaria, without deriving any financial obligation from this cease.
Elmec Group, operates four (4) points of sale in Greece and (1) one in Bulgaria, that will be used to accommodate new agreements or the ones that are currently held. From this cease, transition matters for the points of sale occur, and for the distribution of the current inventories as well. According to the FY 08 results, the abovesaid activity, contributed EUR 1.2 mn in sales, namely 0.4% of the consolidated sales, while the operating results were negative by EUR 300 thousand.
The above development is under the scope of the company to operate only profitable distribution agreements.