GERMANY: Metro appoints restructuring head for Egypt, Kazakhstan ops
Raettig will be tasked with “putting into place turnaround measures"
Metro Group has appointed a director of restructuring for its Egypt and Kazakhstan operations, countries the German retail group is reported to be looking to exit.
A spokesperson for Metro told just-food today (15 May) Klaus Raettig has been appointed director of restructuring for Egypt, Kazahkhstan and Ukraine Cash & Carry. He comes from global consultancy firm AlixPartners and will take up the position from June.
In his role, the spokesperson said Raettig will be tasked with "putting into place turnaround measures to restore the businesses in these countries."
In a statement the retailer said: "Together with the respective managing director of the country, Klaus Raettig will carry out such jobs as introducing and enforcing turnaround measures, beginning with Egypt, Kazakhstan and Ukraine."
The spokesperson declined to comment on reports Metro is looking to exit Egypt and Kazakhstan, in addition to Japan and Bulgaria.
According to Lebensmittel Zeitung, Metro could withdraw from Japan, Bulgaria, Egypt and Kazakhstan in the coming months to free up capital for the reorganisation of the company in its home market.
Metro's losses narrowed in its first-quarter thanks to an improved performance at its domestic supermarket and consumer electronic stores. The retailer's international sales, however, fell 2.2%, while domestic sales rose marginally by 1%.
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