German retail giant Metro Group has confirmed that its fledging operations in Egypt have suffered amid the political turmoil in the African country.
Metro, which opened its two Makro cash-and-carry stores in Egypt last summer, said both outlets had been attacked and staff had been asked to stay at home.
On Friday (28 January), the Makro outlet in El Salam was attacked and parts were set on fire. A day later the store in Qalioubaya was “plundered” with one person injured, a spokesperson said.
The retailer’s 700 staff in Egypt have been told to stay at home, while the company’s international employees have been flown out of the country.
“The situation is too unclear by far to make any reliable immediate predictions on the further development of our operation in Egypt,” the spokesperson said. “For the time being, the safety of our employees has highest priority. We are currently evaluating the material damage and its insurance coverage. We hope to be able to restore our stores and to come back to normal business as soon as possible.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData