News

Tesco considers sale of Thai and Malaysian stores

Tesco considers sale of Thai and Malaysian stores
Business
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.
Read more on bbc.com
News Topics :
Similar Articles :
Business
Supermarket giant Tesco says about 4, 500 staff in 153 Tesco Metro stores are set to lose their jobs in the latest round of redundancies. The UK s largest grocer said...
Business
The supermarket chain has 2, 000 stores across both countries, under the Tesco Lotus brand, and is selling them to Thai conglomerate CP Group. Chief executive Dave Lewis said the sale...
Business
The UK s biggest grocer is in the midst of trying to save £1.5bn as the competition between supermarkets intensifies. According to the Mail on Sunday, the grocer triggered a...
Business
A competition investigation found that on 23 occasions the UK s biggest supermarket chain blocked access to rivals using restrictive contracts. Tesco has agreed to take action to avoid this...
Business
It said the sale would allow it to focus on its central European markets of Czech Republic, Hungary and Slovakia where it commands more of the market. The company has...