The French hypermarket chain Auchan is selling its russian business. This was reported by the French media La Lettre and Le Figaro, UNN writes.
Details
According to media reports, the chain has already found potential buyers for its russian assets and is in the final stages of negotiations. According to Le Figaro, the owners of the retail chain have settled on two potential buyers.
Now they have to formalize the deal according to local laws. The publication also reminds that large European companies Danone and Carslberg lost their assets in Russia after nationalization.
Officially, the russian retailer Auchan does not confirm the rumors about the sale of assets in russia.
Since 2002, Auchan has operated about 230 supermarkets in russia. Revenue from them accounts for a tenth of the chain's profit.
For 2.5 years, while russia's full-scale war in Ukraine has been going on, Auchan has faced criticism and pressure to sell its russian business. However, the owners refused to sell the assets, justifying it by caring for employees and the need to feed people.
A source close to the company told Le Figaro that the reason for the company's withdrawal from the russian market was "the deterioration of local operating conditions." La Lettre reported that the chain also wants to stop operating in Hungary.
Recall
The German brand Hugo Boss has sold its business in russia to its wholesale partner Stockmann. The company has completely withdrawn from the russian market due to the war in Ukraine, having fulfilled its contractual obligations to its partners.