Spain: DIA's cash & carry shops for sale
The discount supermarket chain DIA is selling its Marx Descuento wholesale business, which has a turnover of about €100 million and 35 stores in Spain.
At the end of July, the company confirmed that, as part of its policy of getting rid of its non-strategic assets, it decided to put Max Descuento on sale. This operation could mean between €30 and €50 million.
Max Descuento records an annual turnover of around €100 million and has 35 stores in seven Spanish regions. In total it has 35,000 square meters of sales area and a staff reaching 250 people.
In recent years, Max Descuento's shops have undergone a profound renovation.
In addition to this, after three years of falling profit and a sharp decline in the Spanish stock market, DIA has just changed its CEO, which has had an immediate effect as its shares rose after announcing that Antonio Coto will lead a shift in the company’s strategy.
Competition has intensified in the Spanish market from local heavyweight Mercadona and low-cost rivals such as Lidl and Aldi. DIA gained ground during the long economic crisis but has not been able to shift its strategy as the economy gradually recovered, leaving Spaniards with more money in their pockets.
Fuente: elindependiente.com