PARIS (AP) — French big box retailer Carrefour plans to buy dozens of shopping malls next to its hypermarket stores.
The retailer said Monday that it and eight investors would buy 127 malls in France, Italy and Spain from Paris-based Klepierre for 2 billion euros ($2.75 billion). Carrefour already owns 45 malls in France. All the shopping centers will be held by one new company.
Carrefour has been struggling for years, even before the European debt crisis decimated its biggest markets, and has seen a dizzying string of strategy changes. Georges Plassat took over as chief executive last year, pledging to cut costs and make the company a leader again in the all-in-one hypermarkets it has historically excelled at.
The deal needs regulatory approval but should close in March or April 2014.
Guy Benson - Hillary Spokesman on Email Server: Look, I Don't Know What 'Wiped' Means, Okay?
War on cops: Female officer in Penn. assaulted and thrown over guardrail after stopping to help disabled vehicle
How to Write a New York Times Op-Ed in Three Easy Steps | Human Events
Kim Davis Should Have Done This | RedState
BUT WE NEED MORE GUN LAWS? Judge Gives Strawman Seller Probation - Bearing Arms - Straw-Purchasing, Wisconsin
Michael Schaus - Chevy Volt Owners Have More Money than Brains
Arby’s apologizes to police department after employee refused to serve officer - Hot Air