NEW YORK -- Red Apple Cos. here has signed a letter of intent to manage a chain of stores in Argentina. According to John Catsimatides, Red Apple chairman, president and chief executive officer, Red Apple will supply on-site management to oversee the operations of Hawaii Supermarkets, a chain of 17 stores in inner-city areas of downtown Buenos Aires.
atsimatides said Red Apple would receive "the usual management fee" for its services -- 1.75% of sales. Catsimatides said he is in the process of setting up a management team to operate in Buenos Aires, including assigning current employees and hiring new ones. He declined to say who would head the operation. According to Catsimatides, the new owners hope to double the stores' volume within a few years and explore expansion in Brazil.