belgian retailer delhaize to shed 155 us stores
Last Updated : GMT 20:13:53
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Belgian retailer Delhaize: To shed 155 US stores

Arab Today, arab today

Arab Today, arab today Belgian retailer Delhaize: To shed 155 US stores

Brussels - AFP

Belgian international food retailer Delhaize said on Tuesday it was selling 155 of its stores in the United States as it seeks to consolidate its business. The deal, worth $265 million (206 million euros) will see Delhaize divest 155 shops to Bi-Lo Holdings, which will also acquire the leases for 10 previously owned locations. The 165 stores in question generated sales last year of approximately $1.8 billion, Delhaize said in a statement. \"We believe this transaction represents a significant move towards simplifying our business,\" said Delhaize\'s chief executive Pierre-Olivier Beckers. \"This transaction will further increase the financial flexibility required to execute our strategic priorities,\" he added. The deal is subject to regulatory approval. Delhaize, which has a presence in 10 countries worldwide and roughly 158,000 employees, posted sales of $29.0 billion in 2012, with a net profit of $134 million.

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