UK/EGYPT: Sainsbury to withdraw from Egypt
Sainsbury, the UK's second-largest supermarket group, admitted it is still losing money on its stores in Egypt and is "reviewing all strategic options for reducing.financial exposure to this region." The group's Egyptian operations reported turnover worth £40.5m in the April-October period, generating operating losses of £10.2m, higher than forecast. The group blamed its troubles in Egypt on the delayed launch of a flagship Cairo store and unspecified "difficulties in its operating environment." This undoubtedly refers to the anger manifested by Egyptians at the alleged involvement of Israelis in Sainsbury's operation.
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