German conglomerate Tengelmann insists it is looking to expand its network of Plus discount stores and not sell off the business.
The company told just-food this afternoon (8 August) that it is looking to increase the number of Plus stores in its portfolio. The Plus business numbers around 3,800 stores across Europe.
“We are keen to keep our Plus business because it is one of the core businesses of the Tengelmann group,” a spokesperson for the conglomerate said.
“The main plans for the Plus business are consolidation and expansion; we will start the Plus business in the Bulgarian market next year.”
Reports in Germany said Tengelmann was willing to cede control of its Plus network while keeping a minority stake in the country.
Last month, Tengelmann scaled back its Plus business with the sale of the chain’s outlets in Spain to Carrefour for EUR200m (US$276m).