After selling Chile Carrefour is now selling Malaysia in the new CEO's plan to focus on markets where they can dominate or at least be in the top 2. I think this is the correct strategy. See article from Newsday below.
Carrefour SA (CA), France’s biggest grocer, agreed to sell its Malaysian operations to Aeon Co. (8267), Japan’s largest retailer, for 250 million euros ($324 million).
The sale was effective immediately, Boulogne-Billancourt, France-based Carrefour said in a Business Wire statement. Carrefour is the fourth-biggest retailer in Malaysia, where it had 26 stores and 400 million euros in sales in the 12 months through June 30, it said.
Carrefour is cutting jobs and exiting overseas markets it doesn’t dominate to generate cash and cut debt as part of a three-year turnaround plan formulated by Chief Executive Officer Georges Plassat. Aeon is expanding overseas amid a shrinking population in its home market.
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