Greece flop will be expensive for Affichage
The failed expansion into Greece has already cost the Geneva-based advertising company Affichage about 150 million francs. This amount includes the initial investments and subsequent operating losses.
The management at the time may have been too optimistic about its growth plans abroad. This was said by the new Affichage CEO Daniel Hofer in an interview with the French-speaking Swiss newspaper Le Temps. In the specific case of Greece, mistakes were also made in the selection of business partners.
Other foreign activities were also unsuccessful in 2010. Affichage posted a loss of CHF 52.3 million in 2010 due to corresponding value adjustments. Nevertheless, the advertising company intends to continue its activities outside Switzerland in the future. According to Hofer, negotiations are currently underway with potential partner companies in several countries. Talks are also being held with potential buyers.
