Tesco ‘about to sell’ Turkish chain
REUTERS photoThe U.K.’s biggest retailer Tesco is likely to announce the sale of its Kipa chain in Turkey to a leading Turkish group very soon, Sky News reported on June 8.
Tesco will announce this week that it is offloading its interests in Turkey and as well as its Giraffe unit as its chief executive accelerates its exit from underperforming businesses, according to the report.
Tesco is close to agreeing the sale of Kipa, in a move that will mark a further stage in its international retrenchment following the sale or closure of its operations in China, South Korea and the U.S., it added.
Migros, another Turkish-owned retailer, is understood to be the buyer of Kipa, which Tesco acquired in 2003.
Dave Lewis, Tesco’s boss, has also sanctioned the sale of Giraffe, which it has owned for just three years, according to the report.
Turkish supermarket chain Migros plans to open 150 to 200 branches over this year. In an April statement, which summarized the decisions made at the company’s latest board meeting, the number of new planned stores was set between 150 and 200.
There were 1,402 Migros stores in Turkey and 45 abroad through foreign partnerships, totaling 1,447 stores as of March 31, according to the statement. Migros closed 2015 with a total of 1,410 stores in total.