SINGAPORE: Carrefour to close Singapore stores
Carrefour will close its Suntec and Plaza Singapura stores
French retail giant Carrefour has said it will shut its two stores in Singapore by the end of the year.
The retailer said it will close its Suntec and Plaza Singapura stores since "expansion and growth perspectives do not allow reaching a leadership position in the medium and long term".
The decision comes two years after Carrefour cancelled plans to sell its Malaysian and Singapore divisions, after the auction did not attract bids that would have justified proceeding.
Carrefour sold its Thailand business to Casino subsidiary Big C for EUR868m (US$1.2bn) in November 2010.
More recently, the retailer pulled out of Greece in July in order to allow the stores "to meet the challenges of Greece's prevailing economic environment."
Today's news comes just two days before Carrefour releases its first-half results and CEO Georges Plassat unveils his recovery plan for the group.
Brazilian tycoon Abilio Diniz, the chairman of the CBD, the country's largest retailer, has been lined up for a seat on the board of local food group Brasil Foods....
Two Dutch supermarket chains have become the latest European retailers to pull frozen lasagnes from shelves amid concerns the lines could contain horse meat....
- Premier Foods to push on with range revamp
- Focus: Why Dairy Crest needs to offload dairies
- UK Responsibility Deal must solve credibility gap
- Sweets & Snacks Expo: just-food's pick
- Why FMCG background key for next Thorntons CEO
- Mars launches "healthy" snacks Goodnessknows
- Unilever CFO Jean-Marc Huet stands down
- JBS "seeking M&A" in Americas, Australia
- General Mills launches Greek yoghurt in Australia
- Dairy Crest earnings fall
- Mars Inc in Packaged Food (World)
- Pizza Delivery & Takeaway in the UK - Industry Market Research Report
- ALDI 2015: Radically transforming Anglo Saxon grocery markets
- China Resources Enterprise, Limited - Strategy and SWOT Report
- Chocolate Flavors Market by Application & Region - Global Trends & Forecast to 2019