Belgium-based retailer Delhaize Group is set to exit Bulgaria after striking a deal to sell its local business to AP Mart.

Delhaize operates stores in Bulgaria under the Piccadilly banner. According to Delhaize's most recent annual report, the company had 43 outlets in Bulgaria, with its business located in the capital Sofia, plus two other cities, Varna and Plovdiv.

The retailer entered Bulgaria in 2011 when it bought Serbia-based group Delta Maxi, which had stores across south-eastern Europe.

Delhaize said the transaction, announced for an undisclosed sum, is expected to be completed in the second quarter, subject to regulatory approval, as well customary closing conditions and adjustments to working capital.