Delhaize Group has announced that it has signed an agreement with Tropic Group to sell off all of its 39 stores in Bosnia & Herzegovinia.According to a press release issued by Belgium's largest retailer just this morning, the transaction is expected to complete in the third quarter subject to regulatory approval and working capital adjustments.
A fee for the transaction was not disclosed. Tropic Group B.V. is an entrepreneurial organization founded by Bojan Risovic, an established retailer with a long history of successfully running retail enterprises.
At the end of 2013, Delhaize Group's sales network consisted of 3,534 stores. In 2013, Delhaize Group posted €21.1 billion in revenues and €179 million in net profit (Group share). At the end of 2013, Delhaize Group employed approximately 160,000 people.
Earlier this month, the Group announced that they had returned to profit in the last quarter because of a write-down during the same period in the previous financial year.
According to the Q4 figures, net profit was €101 million compared with a €169 million net loss in the fourth quarter of 2012 when it had a €168 million impairment charge on its Maxi brand.
However, the company said that operating income for the full year came under pressure as a result from price cuts, and increasing costs. Operating profit for 2013 was down 4.2% from last year to €753 million.
