French retail giant Carrefour has said it will shut its two stores in Singapore by the end of the year.
The retailer said it will close its Suntec and Plaza Singapura stores since “expansion and growth perspectives do not allow reaching a leadership position in the medium and long term”.
The decision comes two years after Carrefour cancelled plans to sell its Malaysian and Singapore divisions, after the auction did not attract bids that would have justified proceeding.
Carrefour sold its Thailand business to Casino subsidiary Big C for EUR868m (US$1.2bn) in November 2010.
More recently, the retailer pulled out of Greece in July in order to allow the stores “to meet the challenges of Greece’s prevailing economic environment.”
Today’s news comes just two days before Carrefour releases its first-half results and CEO Georges Plassat unveils his recovery plan for the group.