• AFP reports that, as expected, Tesco is selling its 95.5 percent controlling stake in Turkish business Kipa to Migros, allowing Tesco to retire the equivalent of about $150 million (US) in debt, while generating cash proceeds of about $43 million (US).
Tesco CEO Dave Lewis said in a statement that "the sale of Kipa reflects the particular strategic challenge we have faced in Turkey as a small regional player in a highly competitive market. It removes the need for the sustained investment required to enable the business to compete independently, allowing us to focus on improving profitability in Central Europe and continuing to grow our businesses in Southeast Asia."
• In Milwaukee, the Journal Sentinel reports that Meijer has opened its fifth Wisconsin supercenter, this one in Sussex.
According to the story, " In addition to the Sussex location, Meijer will also be opening a supercenter in Waukesha later this summer. Meijer said it has made a major commitment to growth in Wisconsin and plans to open two to three additional stores per year through 2020, including potential locations in the Green Bay, Fox Valley, Greenfield, Manitowoc and Sheboygan area in the next several years."
Tesco CEO Dave Lewis said in a statement that "the sale of Kipa reflects the particular strategic challenge we have faced in Turkey as a small regional player in a highly competitive market. It removes the need for the sustained investment required to enable the business to compete independently, allowing us to focus on improving profitability in Central Europe and continuing to grow our businesses in Southeast Asia."
• In Milwaukee, the Journal Sentinel reports that Meijer has opened its fifth Wisconsin supercenter, this one in Sussex.
According to the story, " In addition to the Sussex location, Meijer will also be opening a supercenter in Waukesha later this summer. Meijer said it has made a major commitment to growth in Wisconsin and plans to open two to three additional stores per year through 2020, including potential locations in the Green Bay, Fox Valley, Greenfield, Manitowoc and Sheboygan area in the next several years."
- KC's View:
