French retailer Carrefour has announced the sale of its stake in Carrefour Marinopoulos, its retail partner in southeastern Europe, to the Marinopoulos Group.
The deal will see ownership and management pass to the Marinopoulos Group and is designed to help the joint venture meet the challenges presented by Greece's current economic predicament.
Carrefour Marinopoulos will therefore become the exclusive franchisee of Carrefour in Greece, Cyprus, Bulgaria, Albania and other Balkan countries, the group stated in a press release.
Leonidas Marinopoulos, president of Marinopoulos Brothers, commented: 'This agreement gives Carrefour Marinopoulos the necessary means and flexibility to refine its business model, continue to serve its customers and consolidate its leading position in Greece. We reaffirm our commitment to the Greek and Cypriot markets alongside our employees and suppliers who have helped make Carrefour Marinopoulos the leading retail banner in Greece.'
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