Tesco considers sale of Thai and Malaysian stores
|bbc.com 08 Dec 2019 at 22:18|
On its website the company said it had started a review of the Asian businesses "following inbound interest" but did not name the potential buyer or buyers.
The statement also said the review was at an early stage, and "no decisions concerning the future of Tesco Thailand or Malaysia have been taken".
The announcement signals another potential pullback by Tesco from its once-ambitious global expansion.
If a sale does go ahead it would mean the company would be left with stores in the UK and Ireland, and an unprofitable division in central Europe. That unit covers the Czech Republic, Hungary, Poland and Slovakia.
It comes as the company shifts its focus as part of a turnaround programme launched five years ago.
The recovery plan was in response to an accounting scandal, and in the face of competition from rival supermarket chains and online competitors.