CYPRUS: Palinex To Expand Into Hungary
Cyprus's leisure and sportswear chain Palinex Trading Limited said on Monday it has signed a master franchise agreement to expand into Hungary.The company said it planned to create a Hungarian subsidiary that would supervise a five-year expansion plan into the country called Palinex Trading Hungary KFT. Palinex said its first Athlete's Foot store would open at Budapest's Auchan commercial centre in December 2000. It is also negotiating leasing space for another two stores it is planning to open there in the first six months of 2001.In a statement to the Cyprus Stock Exchange, Palinex said it also planned to expand its chain of Athlete's Foot, Tommy Hilfiger and Trax Activewear stores on Cyprus.(C) Reuters Limited 2000.
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