Troubled Dutch retailer Royal Ahold has announced the divestment of its Dutch confectionery store chain Jamin Winkelbedrijf, for an undisclosed sum.
Ahold said that through a management buy-out, Jamin’s current executive team will continue to run the company as an independent entity.
The transaction, which is expected to close in the second quarter of 2003, includes all five Jamin chain stores and their inventory, stock and debtors. The 137 franchise stores will also continue to conduct their business with Jamin. All 60 associates currently working for Jamin will continue to work for the company. It will also be business as usual at Jamin’s head office in the southern Netherlands as well as at the distribution centre.
Ahold said the company would continue to operate under the same brand name and offer its current range of confectionery – some 300 pick and mix confectionery items, ice cream and chocolate delicacies.
Jamin has been part of Ahold’s Dutch store portfolio since 1993. The planned divestment of the subsidiary is part of Ahold’s strategic plan to restructure its portfolio to focus on core activities and to concentrate on its mature and most stable markets.