Delhaize, the Belgium-based retailer, today (14 July) detailed plans to quit the German market with the sale of its stores in the country to Rewe.
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The agreement with Rewe, struck for an undisclosed sum, will see Delhaize record a “capital gain” from the sale of the four stores.
Delhaize entered Germany in 2003; by 2008, the business was generating annual revenues of EUR19.5m (US$27.3m) but also incurring a “small” operating loss, Delhaize said.
“Despite the continued revenue growth of the last years, we decided in December of last year to sell our non-strategic German activities after an evaluation of our portfolio,” Michel Eeckhout, CEO of Delhaize Belgium, said.
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