Tesco to leave CEE?

Image: Tesco PLC

Following the sale of its South Korean unit, Tesco is considering getting rid of its Central East European business in order to reduce debt, according to Bloomberg’s anonymous sources, yet no decisions have yet been made.

The business, valued by Sanford C. Bernstein at £1.9 billion , includes over 1,110 stores that generate £6.45 billion of revenue. However, sales have declined for three straight years amid intense competition from low-cost retailers, the agency pointed out.

“In its central and eastern European markets, economic conditions have been tough,” Bryan Roberts, an analyst with Kantar Retail, told Bloomberg.

 

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