Jeronimo Martins selling Jumbo and Eurocash outlets

Portuguese weekly Semanario Economico has reported that Portugal-based retailer Jeronimo Martins SGPS S.A.(JM) is planning to sell its Polish hypermarket chain Jumbo, as well as its cash and carry supermarket chain, Eurocash. At the same time the company intends to keep its Biedronka hypermarket chain. Semanario also said JM is planning to create new holdings dealing with food and commodity distribution. This year JM's stock has lost over 30 % due to uncertainties about the firm's strategy. Compared to January of 2000, when JM's share price reached euro 26.10 per share, estimates of the company's value have fallen by 70%. Its losses for the first nine months of 2000 reached euro 16 million ($14 million). JM launched its activity in Poland in 1995. Currently it owns more than 600 Biedronka markets, 80 Eurocash outlets, and 5 Jumbo shops, employing more than 21,000 people in Poland. (Prawo i Gospodarka, p.3; Reuters) A.Z.