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Carrefour to exit India, shut five wholesale stores

Published on Jul 8, 2014 9:28 AM
 
French retail giant Carrefour will shut down its Indian operations and close its wholesale stores in the country, as it exits underperforming markets to focus on reviving its French business. -- PHOTO: CARREFOUR

MUMBAI/PARIS (Reuters) - French retail giant Carrefour will shut down its Indian operations and close its wholesale stores in the country, as it exits underperforming markets to focus on reviving its French business.

The world's No.2 retailer by sales, which has been operating in India since 2010, will shut its five Indian wholesale stores by the end of September, it said in a statement late on Monday.

Carrefour has been in talks with Indian retail companies and strategic investors about its Indian assets in recent months, after flagging in March that it was considering the future of the business.

It wasn't immediately clear if Carrefour had found a buyer for the business. A Carrefour spokesperson declined to give any further details.

 
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