PARIS (AP) — French supermarket group Carrefour is selling off its business in Indonesia for €525 million ($670 million) as part of a broader effort at turning around its fortunes.
Carrefour SA, the world's second-largest retailer by revenue after Wal-Mart Stores Inc., announced Tuesday that it is selling its 60-percent stake in Carrefour Indonesia to its local partner, CT Corp.
CT Corp. will now run the company's 84 hypermarkets and other stories in Indonesia, Carrefour says in a statement.
Carrefour, facing slowdown in Europe and troubles with its core hypermarket business, is working on a turnaround plan that includes shedding some of its operations.
Stephen Self - Clinton Gets More Delegates Than Sanders Despite NH Blowout
Spillage: Up to 30 accounts on Hillary server interacted with top-secret data
'Nailed it': Actor Donnie Wahlberg suggests media are 'very afraid' of Rubio
GM Fires Concealed Carrying Valet Who Saved Autoworker Under Attack
Donald Trump: We're Going To Keep Common Core (Updated) | RedState
High-Tech Ted | Human Events
Applying the Soros Investing Principle of ‘Fight Another Day’