Scandinavian grocery retailer ICA, which is 50% owned by embattled Dutch retail giant Ahold, is to drop Ahold from its brand name.
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The company said, however, that the decision to change the group’s name from ICA Ahold to ICA had nothing to do with the recent accounting scandal at Ahold, reported Dow Jones News.
Ahold is struggling to recover from a US$1bn accounting scandal which emerged following revelations in February of accounting irregularities at its US Foodservice unit.
“The main thing about the name change is to get a simpler structure,” ICA spokesman Janne Pettersson said. “The name change doesn’t change the ownership situation – we’re still owned 50% by Royal Ahold, 30% by ICA Forbundet Invest ABN and 20% by Canica AS.”
The names of other ICA units will also change. Sweden’s ICA Handlarnas will become ICA Sverige, while Norway’s Hakon Gruppen will become ICA Norge.
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