NAMNEWS - November 17, 2006
German retail group Schwarz Gruppe, the holding company for Lidl and Kaufland, is reportedly selling E300m worth of properties in order to reduce its debts (estimated at E15bn). The report in the Financial Times Deutschland said the group is selling eight Kaufland across Germany for around E150m. It has recently sold around 250 Lidl properties in Switzerland and Germany for E1bn to Australian financial investment company Babcock & Brown and leased back the same.
Schwarz has been growing rapidly for years, but foreign expansion is slowing, and it is believed that Lidl has stopped expansion plans for Bulgaria, Romania, Serbia, Ukraine, Russia and the Baltic states. Its non-food-related business has also experienced difficulties, with items such as irons no longer selling, resulting in left over stock worth several hundred million euros' worth has had to be written off.
Sphere: Related Content
Sunday, November 19, 2006
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment