Citigroup Inc. has bought a 10.5 percent stake in the La Curacao chain of department stores, which caters to Latinos in Los Angeles and Orange counties.
The investment will fund the department store chain’s expansion. Los Angeles-based Adir International Export Ltd., the chain’s operator, has had plans to add several new stores by 2007. The value of the stake was undisclosed.
Adir International, a privately held company estimated to generate $100 million in annual revenues, runs six La Curacao stores. The company was started by Ron and Jerry Azarkman, brothers who are also behind the Pollo Campero restaurants, which have locations at each La Curacao.
La Curacao stores focus on selling electronics, cosmetics, furniture and jewelry, among many other items, to Hispanics. Adir International lured customers by providing credit to immigrants who had experienced difficulties getting credit cards under conventional criteria.