The businessman came to Romania 40 years ago and after the fall of communism he invested in apparel manufacturing and retail.
Up until 2007, towards the end of the economic boom of the country, the Sudanese-born entrepreneur had about 8,000 employees in Romania and five plants. He then sold the plant in Calarasi and closed the plant in Tulcea, keeping only the Ikos Conf and Norada facilities in Odorheiul Secuiesc and Serconf in Botosani. Each production facility generates RON30 million to RON50 million revenue and employs 900 to 1,400 people.
The financial crisis and the relocation of the production of many retailers to Asia, where labor costs are lower than in Romania caused Joseph Seroussi to reorganize his plants. The number of employees dropped to about one third of the highest level.
Apparel manufacturers are among the biggest employers in Romania, each company employing hundreds or even more than 1,000 people.
Joseph Seroussi, 79, also owns retail operations in Romania, the Seroussi stores operated by J&R Enterprises, which posted RON9.4 million revenue last year, flat on 2012 and almost half of the 2008 level. The company’s retail chain numbers 9 stores, according to its website.
(English version by Loredana Fratila-Cristescu)