Sweden's Ica to sell Norway stores
The Local/ms - [email protected]
Published: 6 Oct, 2014 CET.
Updated: Mon 6 Oct 2014 08:40 CET
Supermarket chain Ica has announced it is selling its Norwegian operations to Coop Norway.
The 2.8 billion kronor ($385.2 million) deal will see Ica stores taken over by the rival supermarket chain. "In recent months we have analyzed several options for the Ica group in Norway," wrote group CEO Per Strömberg in a statement. "We have concluded that the best option is a sale," he added. ICA will make a capital gain of 1 billion kronor from the sale, conditional upon approval from the Norwegian competition authority, Konkurransetilsynet. ICA Norway's turnover in the year to June 30th was 15.9 billion kronor. But the company has long struggled with "severe profitability problems", writes news agency TT. 553 stores and more than 3600 workers in Norway will be affected by the deal.
Comments
See Also
The 2.8 billion kronor ($385.2 million) deal will see Ica stores taken over by the rival supermarket chain.
"In recent months we have analyzed several options for the Ica group in Norway," wrote group CEO Per Strömberg in a statement.
"We have concluded that the best option is a sale," he added.
ICA will make a capital gain of 1 billion kronor from the sale, conditional upon approval from the Norwegian competition authority, Konkurransetilsynet.
ICA Norway's turnover in the year to June 30th was 15.9 billion kronor.
But the company has long struggled with "severe profitability problems", writes news agency TT.
553 stores and more than 3600 workers in Norway will be affected by the deal.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.