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


New owner for Havaianas

14/07/2017

Brazilian Alpargatas, known for its famous Havaianas slippers, has a new owner. Investment firm J&F Investimentos sold its majority stake to three Brazilian banks.

Tiffany & Co appoints new CEO

14/07/2017

Jewelry chain Tiffany & Co appointed Alessandro Bogliolo as its new CEO, succeeding Frederic Cumenal who left the company five months ago. However, Bogliolo will only take over on 2 October.

C&A suffers another loss in Belgium

14/07/2017

In 2016, clothing chain C&A once again suffered a blow in Belgium. The Dutch company suffered a turnover drop, but also had to deal with a loss for the second straight year.

Disappointing profit numbers for Fast Retailing

14/07/2017

Fast Retailing, which owns Japanese fashion company Uniqlo, published very disappointing third quarter profit results. Turnover grew nearly 9 % but its profit failed to meet analysts’ expectations.

About You will launch this fall in the Netherlands and Belgium

13/07/2017

The German online fashion platform About You, with retail group Otto as one of its investors, will officially launch in the Netherlands and Belgium this fall. The platform will sell a range of well-known fashion brands. 

Slight turnover increase for lingerie manufacturer Van de Velde

13/07/2017

Lingerie manufacturer Van de Velde seems to have gotten back on track in the first half of its current fiscal year. Following a difficult 2016, turnover grew more than 1 % in the first half of this year.

Back to top