Beleaguered Dutch retailing group Laurus plans to sell El Arbol Distribucion y Supermercados to British private equity firm CVC Capital Partners, as part of its restructuring programme.
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El Arbol, a Spanish supermarket subsidiary of Laurus, contributed to the €44m (US$42.8m) net loss that the Laurus group made in the first quarter of this year. To combat the loss, Laurus announced a restructuring programme in June, which includes the sale of El Arbol.
The deal is due to be finalised by mid-October, after an audit carried out by the buyers, reported the European Report.
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