NETHERLANDS: Laurus sells Spanish operations to UK venture capital group
Beleaguered Dutch supermarkets group Laurus revealed earlier today [Thursday] that it has signed a letter of intent to sell its loss-making Spanish division to UK venture capitalist group CVC Capital Partners Ltd. A sale of the retail operations, which comprise around 670 El Arbol shops and cash and carry stores, has been long expected as Laurus struggles to return to profitability. The Spanish shops have merely added to the debt burden of the Netherlands' second largest retailer, which was only saved from collapse by a crucial cash injection by French retailer Casino earlier this year.
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