Carrefour Sells Japanese and Mexican Assets

    March 10, 2005

French retailer Carrefour has announced plans to sell its major assets in Japan and Mexico.

Carrefour is selling its eight hypermarkets in Japan to Aeon for 10bn yen. The company sold 29 hypermarkets in Mexico to Chedraui. Carrefour wants to expand in Italy.

According to a BBC article,

“During the past month, in a decision welcomed by investors, Carrefour has shaken up its management in the hope of breathing new life into its flagging superstores.

The widely-trailed move saw its finance director, Jose Luis Duran, replace chief executive Daniel Bernard.

The company has reported operating profits fell last year 0.5%, to 3.234bn euros ($4.33bn; 2.25bn) from 3.251bn euros, caused mainly by a weak performance in France where sales were flat.”

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