Carrefour to leave Greece?

French hypermarket chain Carrefour is considering leaving Greece, as rumours in the French press say. The CM-CIC securities agency expects a profit loss of 90 million euro in Greece for 2011, which is guessed as much as the combined profits for 2007 and 2008. There is no official confirmation however, as Carrefour does not release separate results per country.

CM-CIC maintains its guess could be correct, as it is based on “results published about certain European subsidiaries – like DIA – and statements in meetings about other countries – like Italy or Poland”. Should Carrefour really decide to leave the joint venture with its Greek partner Marinopoulos, this could “considerably change the consolidation methods” of Carrefour. One important problem remains however: in a country so struck by the economic crisis, who is going to take over such an unprofitable chain?

French hypermarket chain Carrefour is considering leaving Greece, as rumours in the French press say. The CM-CIC securities agency expects a profit loss of 90 million euro in Greece for 2011, which is guessed as much as the combined profits for 2007 and 2008. There is no official confirmation however, as Carrefour does not release separate results per country.

CM-CIC maintains its guess could be correct, as it is based on “results published about certain European subsidiaries – like DIA – and statements in meetings about other countries – like Italy or Poland”. Should Carrefour really decide to leave the joint venture with its Greek partner Marinopoulos, this could “considerably change the consolidation methods” of Carrefour. One important problem remains however: in a country so struck by the economic crisis, who is going to take over such an unprofitable chain?

Questions or comments? Please feel free to contact the editors


Walmart acquires clothing chain Bonobos

19/06/2017

American department store chain Walmart acquired clothing chain Bonobos for 310 million dollars (280 million euro). It now has full control over more than thirty stores and a web shop.

Trimmed down Nike wants to tap into market trends faster

16/06/2017

Nike wants to trim down, saying goodbye to 2 % of its staff. It has 70,700 employees worldwide, which means about 1,400 jobs will be cut.

Turnover and profit increase for Inditex

16/06/2017

Spanish fashion group Inditex experienced a strong first quarter, with a 14 % turnover increase to 5.569 billion euro and an 18 % profit increase to 654 million euro.

Ice-Watch is looking for a partner

14/06/2017

Belgian watch company Ice-Watch is for sale, although owner Jean-Pierre Lutgen is currently looking for a minority shareholder, preferably someone from the industry.

Saks OFF 5TH to arrive in the Netherlands this summer

12/06/2017

American fashion store chain Saks OFF 5TH did not miss its European debut: hundreds of customers waited in line for the opening of its store in Düsseldorf. A first store in the Netherlands will follow later this summer.

Intersport invests in online branch

09/06/2017

Sports chain Intersport will invest more in eCommerce in the next few years, to catch up to its competitors. By 2020, it should generate a “substantial part of its turnover online”.

Back to top