Tesco to sell off business in CEE?
PR dla Zagranicy
Nick Hodge
08.09.2015 17:59
British supermarket chain Tesco is reportedly considering selling off its Central and Eastern European wing, hot on the heels of the sale of its South Korean business on Monday.
Glowimages
According to Bloomberg news agency, Tesco is anxious “to further reduce debt”, as the South Korean sale, which garnered GBP 4.23 billion, covered less than a fifth of the company's debts.
Tesco's sales in Poland, Hungary, the Czech Republic, Slovakia and Hungary have fallen for three consecutive years, owing to fierce competition from discount stores.
Poland is Tesco's largest market in the region, having opened there in 1996.
The British company currently has over 400 stores in Poland, employing close to 30,000 people. (nh)