Russian retailer X5 Retail Group has reportedly sold its Ukraine stores to local rival Varus in a US$5-10m deal that sees the retail giant exit the country.
According to Reuters which sited local paper Capital, Varus is buying the lease rights to 13 Perekryostok stores in and near Kiev, as well as in-store facilities and stock.
The move makes X5 the first Russian company to exit Ukraine since Russia’s annexation of the Crimea region.
X5 did not respond to requests for comment when approached by just-food.
Yesterday (20 March) German retailer Metro Group announced it was putting a plan for an IPO of its Russian Metro cash-and-carry unit on hold following the political crisis in the region.