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Tesco pulls out of Poland as company struggles to make progress in the country

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Tesco has today pulled out of Poland, selling its business to Danish retail giant Salling Group.

The £181 million deal includes the sale of 301 stores and a head office.

Chief executive Dave Lewis admitted the company had struggled to make progress in the country.

Dave Lewis, Chief Executive of Tesco, said: "We have seen significant progress in our business in Central Europe, but continue to see market challenges in Poland. Today's announcement allows us to focus in the region on our business in Czech Republic, Hungary and Slovakia, where we have stronger market positions with good growth prospects and achieve margins, cashflows and returns which are accretive to the Group."

Read more: https://www.standard.co.uk/business/tesco-pulls-out-of-poland-due-to-market-challenges-a4472386.html
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Poland
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