Tesco to sell Giraffe chain and its Turkish retail businessStaff writer ▼ |
Retail CEO Dave Lewis has been seeking to cut debt
Tesco, the UK's biggest retailer, was reportedly set to announce the sale of its Turkish unit and Giraffe restaurant chain in an effort to offload its underperforming businesses.
Giraffe, which Tesco has only owned for three years, was to be sold to an unidentified buyer who has existing restaurant assets in the UK.
In May, Kipa said they were in talks with Migros and Tesco but no agreement was finally reached.
CEO Dave Lewis took over Tesco in 2014 and has since been seeking to cut debt and sell floundering businesses owned by the grocer.
Profits sunk as the retailer lost market share to rivals such as Aldi, Lidl and Sainsbury's, with its reputation recently sullied by an accounting scandal. ■
What to read next