Belgian food retailer Delhaize has sealed its exit from Germany with the completion of its store sales to Rewe.
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Delhaize signed a deal to sell its four German stores to Rewe in July. The agreement, for an undisclosed sum, has been approved by the German antitrust authorities and as a result, the transaction has been closed.
Delhaize entered the German market as a test in 2003. In 2008, Delhaize Germany recorded EUR19.5m (US$27.7m) in revenues and a small operating loss.
Last month, Delhaize posted an increase in group first-half profit and reaffirmed its full-year guidance.
Net profit for the six-month period reached EUR252m, a 15.4% increase on the previous year.
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By GlobalData
