Beleaguered German grocery chain Spar Handels-AG, a subsidiary of French retail titan ITM Entreprises (Intermarché) is planning to sell off its 150 Intermarché supermarkets in order to reduce debt.

The proposed sale is reported to be a condition set by Spar’s creditors that the company must fulfil in order to receive further finance. The company only recently embarked on the conversion of many of its Eurospar stores to the Intermarché banner.

Following the sale of the stores, Spar would focus on its wholesale operations and its Netto discount chain, reported Dow Jones International.