Metro Group To Offload Morocco Operations for €120m
Published on Nov 24 2010 9:38 AM in Retail
Germany's Metro Group has agreed to sell its Moroccan cash and carry business to Label 'Vie, a franchisee of Carrefour for around €120 million. The German retailer said that its business in Morocco did not offer potential growth prospects. It generated sales of €208 million in 2009.
"This market exit also demonstrates that we are consistently benchmarking our country portfolio against earnings targets and will not hesitate to also make severe cuts," said Joel Saveuse, chief executive of Metro Cash & Carry Europe.
The news comes just weeks after Metro was thought to be looking at a sale of its Saturn stores in France, in a bid to focus on its growth areas. (24 Nov)
© 2010 - ESM: European Supermarket Magazine