11/29/2010

Germany-based Metro's eight cash-and-carry stores in Morocco are being acquired by a Carrefour franchisee, Label'Vie, for €120 million. "This market exit also demonstrates that we are consistently benchmarking our country portfolio against earnings targets and will not hesitate to also make severe cuts," said Joel Saveuse, chief executive of Metro Cash & Carry Europe. Metro also indicated that it might sell other underperforming divisions as it aims to improve retail margins.

Full Story:
Reuters

Related Summaries