Portuguese retailer Jeronimo Martins has said it has agreed to sell its stake in Polish retail chain Eurocash for around €30m in a management buyout.

The company said the sale completed its restructuring plans. Jeronimo Martins now plans to focus on its 600-store Biedronka chain in Poland.

Jeronimo Martins has undergone a restructuring programme, which included the sale of five Jumbo hypermarkets in Poland to Dutch retailer Ahold, to reduce massive debts. Portugal's second-biggest retailer had around €1.3bn in debt at the end of 2001, reported Reuters.