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Tesco Ponders Sale Of European Stores To Further Cut Debt

September 7, 2015: 12:00 AM EST
U.K. grocery chain Tesco may sell off 1,100 stores in central and eastern Europe to further reduce debt, according to reports. The company recently agreed to divest its South Korean operations. The stores in central and eastern Europe (i.e., Hungary, Poland, the Czech Republic, Slovakia and Turkey), which bring in about $10 billion in revenue annually, are worth about $2.9 billion, one Wall Street analyst said. Sales have fallen over the last three years thanks to intense competition from discount grocery retailers like Aldi and Lidl.
Sam Chambers and Ruth David, "Tesco Said to Discuss Central and Eastern European Unit Sale", Bloomberg, September 07, 2015, © Bloomberg L.P.
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