GERMANY: Otto to close online supermarket
German mail order and online retailer Otto is to close its online supermarket as of 30 June. The Hamburg-based company said the decision to discontinue the site was due to the current negative economic environment in Germany and the "ruinous price competition in the retail-food sector", which show no sign of allowing productive sale volumes in the foreseeable future. Otto faced tough competition from discount retailers, including Aldi and Lidl.
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