8th Jun 2016 06:48
LONDON (Alliance News) - Tesco PLC is set to announce the disposal of its interests in Turkey and Giraffe Restaurants business later this week as Chief Executive Dave Lewis accelerates the grocer's exit from underperforming businesses, Sky News reported late Tuesday.
The report said Tesco is close to agreeing the sale of Kipa in a move that will mark a further stage in its international retrenchment following the sale or closure of its operations in China, South Korea and the US.
Migros, another Turkish-owned retailer, is understood to be the buyer of Kipa, which Tesco acquired in 2003, according to Sky News.
Lewis has also sanctioned the sale of Giraffe, which the company has owned for just three years.
The chain is being sold to an unidentified family office vehicle which has existing restaurant assets in the UK, Sky News sources said.
Both deals could be unveiled as soon as Wednesday morning.
http://news.sky.com/story/1708465/tesco-to-sell-giraffe-and-turkish-chains
By Neil Thakrar; [email protected]; @NeilThakrar1
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