Biedronka owner may move to Switzerland

Jeronimo Martins, the owner of Biedronka discounter stores in Poland, is considering a move of their headquarters to Switzerland. The current headquarters is in Lisbon, where an unfriendly tax rate and banking difficulties have motivated management of Jeronimo Martins to seek greener pastures. Former CEO, Alexandre Soares dos Santos said that the company may operate from Switzerland within a few years. Jeronimo Martins belongs to the wealthiest family in Portugal. Soares dos Santos is a strong critic of government fiscal policy and blames the administration for the current crisis. In spite of the crisis, Jeronimo Martins closed the year with very good results, with profits of € 382 million, a 6 percent increase y/y. Most of the companies profits are coming from the Polish grocery discounter Biedronka. Planned new investments in Poland include 300 new stores and three distribution centers in 2014.