Dutch supermarket retailer Laurus has announced that it has finalised a deal to sell its loss-making Spanish operations to British venture capital group CVC Capital Partners.
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The sale is part of an effort to turn Laurus into a profitable company. The retailer was near collapse before being rescued by French retail giant Casino earlier this year.
“During the last years, the weak performance and continuing losses of the Spanish operations resulted in an increased indebtedness and a continuous deterioration of equity of Laurus… Divesting the Spanish operations is therefore a significant step towards a restructuring of Laurus as a whole,” Reuters quoted the company as saying.
