the sale of The supermarket chain Real is now within reach. The Real-mother group, Metro has reached an agreement with a consortium led by the financial investor, SCP, and the real estate investor, X-Bricks, in principle, on the sale of its ailing supermarket’s daughter, as he brokered early Tuesday morning. The individual open points would, however, still subject to negotiations.
“the signing of The business purchase contract is to be made in the coming days,” wrote Metro CEO Olaf Koch in a letter to the employees of Real.
After the sale, the supermarket chain with 277 markets and approximately 34,000 Employ to be broken up. The buyers want to operate a “core of at least 50 Real-markets” for at least 24 months, as cook writes.
The largest part of the branches should, however, be to other retailers, such as Edeka or Kaufland sells. “The new operators will be required to take the Real staff at the respective area,” promised cook in his letter.
Many Real-locations
A number of locations without a convincing economic perspective, closed by the closure, however, threatens. The buyers went but, “the number of closing locations will be under 30,” wrote cook. Where there are redundancies will be, to temper the cooking according to a by the end of last year of any agreement concluded social hardship. It provides, in accordance with previous information of the works Council, severance pay of a maximum of 12 to 14 monthly salaries.
The largely negotiated agreement between Metro and the consortium, according to the retail giant to sell Real as a Whole to an enterprise value of approximately one billion euros.
Metro is expecting a net cash inflow of approximately 300 million euros. The are around 200 million euros less than a few months ago wished for. Together with the proceeds from the sale of the majority stake in the Chinese Metro-business, the group expects more than 1.5 billion euros in net inflows to all of the transaction costs.
cook stressed that the Metro had done in the last few years, “countless efforts” to make the business model of Real on new legs. But it had not managed to improve the economic viability of the supermarket chain. Real could not be, therefore, guided in the present Form.
surf tip: Real supermarket fascinating facts and helpful info METRO 12,34 EUR -0.24 (-1,95%) Xetra
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Real long been the problem child of the Metro
The supermarket chain was the least of the worries a child with the düsseldorf-based retail giant, and had provided in fiscal year 2018/19 for deep in the red at Metro. The Metro had already announced that in 2018 the supermarket chain to submit to the wholesale business, with restaurateurs and small merchants focus.
The sale process proved to be much more difficult than expected. With high hopes, started exclusive negotiations with the real estate investor Redos failed.
now within reach, moved the agreement, the approval by the competent bodies on both sides is still to come. In addition, the antitrust and Supervisory authorities would have to agree to the closing.
a similar fate to that of former Metro-daughters Threatens Real?
The sale of Real is not the first Time that the Metro of a daughter separates. The “business week” has looked in the past, it Often went with the employee to pay a steep descent, as soon as the retail giant had separated from its offshoots, writes the WiWo.
An example is the DIY chain Praktiker. Metro had brought the subsidiary in November 2005 on the exchange. From the hoped-for growth story was not to be. Practitioners wrote about years of high losses, a variety of restructuring attempts failed. In 2013, the company declared over-indebted and insolvent and introduced the following day at the local court of Hamburg for insolvency. All of the rescue efforts for practitioners failed. Metro had adopted as a major shareholder to this time, been a long time.
And the WiWo explains: practitioners is a harmless case. Attempts to focus the group on the wholesale business, were less benign – at least from the employees point of view. After the sale of its Kaufhof Department stores to the canadian retail group, HBC is an example of began loose decline. Shortly before the collapse of HBC Kaufhof further submitted finally to the Austrian real estate entrepreneur rené Benko, the potters since the merger of the former competitors Kaufhof and Karstadt. This is also associated with austerity measures, job cuts and an uncertain outcome.
Update: depreciation and amortization on Real pressing Metro in the loss zone
depreciation and amortization shortly before the sale of the supermarket chain Real pressed the retail group Metro in the first quarter to Minus. The bottom line is, a loss of 34 million euros, as the company announced on Thursday in Düsseldorf. The value adjustments on Real-valued Metro to EUR 237 million. Metro had agreed a few days ago in principle with a consortium led by real estate investor and X-Bricks for the sale of the ailing supermarket chain.
In the continuing operations, i.e. without Real and without the also a sale of Chinese business, profit decreased in the three months to end-December, up nearly 30 percent to 121 million euros. The operating result (Ebitda) excluding sales of real estate decreased slightly by 0.6 percent to 526 million euros. The forecast for the year has been confirmed.
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