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....
- Rabobank's early view on Brexit impact on food
- How local model protects Nestle - interview
- Brexit sparks uncertainty for UK food - comment
- Quorn Foods confident in prospects - interview
- Kellogg uses Kashi to finally join party - comment
- Nestle names new CEO
- Brexit – Live reaction from food industry
- Brexit – UK farmers warn of food price spike
- Brexit – US confirms commitment to TTIP with EU
- Healthier food a major opportunity for food makers
- Frozen Bakery Products Market by Type, Distribution Channel, & by Region - Global Trends & Forecast to 2020
- Top Trends in Snacks, Confectionery, and Desserts; Exploring consumer and innovation trends in key categories
- Fast Food in India
- Country Analysis Report: Saudi Arabia, In-depth PESTLE Insights
- Singapore Food and Drink Report Q3 2016