Reuters
Nov 25, 2014
Metro sells nine Greek cash-and-carry stores
Reuters
Nov 25, 2014
BERLIN, Germany - German retailer Metro AG is selling its Greek cash-and-carry business to local chain Sklavenitis as part of a strategy by the sprawling group to focus on core markets.
Metro said in a statement that the sale involved nine wholesale stores and real estate with an enterprise value of 65 million euros ($80.7 million), but it did not expect an effect on earnings before interest and taxation in fiscal 2014/15.
Metro, Europe's fourth-biggest retailer which operates an empire of 2,200 outlets in 31 countries, has been trimming its portfolio to focus on its cash and carry and consumer electronics stores in key markets.
It recently announced the sale of its cash-and-carry business in Vietnam and of its stake in British wholesale company Booker as well as the withdrawal from the Danish market.
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