Belgian retail group Delhaize has announced its decision to divest its loss-making subsidiary, Food Lion Thailand, through the sale and closure of its 26 stores.
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Delhaize said the divestment was in line with its strategy to focus the group’s resources on markets where Delhaize has or can obtain a strong local presence.
Delhaize is in an advanced stage of negotiations on the possible sale of a significant number of stores. Any store not sold will be closed.
As a result, Delhaize said it expects to record an exceptional charge of between €12m and €16m (US$19.2m) after tax in the third quarter of 2004. In 2003, Food Lion Thailand contributed €54.5m to Delhaize’s sales and reported a net loss of €10.5m.
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