Retail giant Groupe Casino has announced that it is to dispose of its Brazil-based furniture and electronics retail business, Via Varejo.
According to the group, its board of directors were called on to 'evaluate potential strategic alternatives' for the disposal of the business, operated by its Brazilian affiliate CBD, in order to focus more on food.
'The Board approved CBD’s decision to continue prioritizing the development of the food business – hypermarkets, supermarkets and convenience stores, cash & carry – and to launch the process of disposal of Via Varejo,' Casino said in a statement.
Via Varejo has been impacted by the current economic downturn in Brazil, which in turn has hit Casino's quarterly performance.
Casino shares rose 0.78% following the announcement.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.