Carrefour Checks Out of Greece at a Loss

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Carrefour Checks Out of Greece at a Loss

Joined: July 23rd, 2009, 8:26 pm

June 15th, 2012, 7:35 pm #1


PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



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Joined: April 14th, 2012, 12:55 am

June 15th, 2012, 7:57 pm #2

THE SECOND BLOW IN THE RETAIL SECTION.
The firm is in great difficulty, with liquidity problems, many suppliers are not getting paid since 4-5 Months and surely many stores are bound to be closed.
It is the second big retailer that withdrew from greek market, 2 years ago the giant german retailer ALDI-SUED withdrew and closed all 95 stores.
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Joined: April 21st, 2011, 3:11 pm

June 15th, 2012, 7:57 pm #3

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



this is god news

-----------------------------------------------
Hellas is the past and the future! Ancient greek compared to today greek, the same

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JJ6
Joined: August 20th, 2003, 11:37 pm

June 15th, 2012, 8:02 pm #4

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



Good riddance

J J 6 o'clock

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Joined: February 18th, 2006, 4:50 pm

June 15th, 2012, 8:09 pm #5

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



I hope they also phuck out off Turkey, phucking french pigs.


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Joined: April 14th, 2012, 12:55 am

June 15th, 2012, 8:11 pm #6

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



@hellenic.sun
what's the good news you irresponcible 15-year-old?
that thousands will lose their jobs? that competition will be hit?
that if the company goes bust thousands of small greek suppliers will lose their money and go bust too? the market is a closed circuit, if a fuse burns away the circuit collapses. before you make a comment ask your mama and papa, but I think their civil "servants" living at the expence of everybody else....
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JJ6
Joined: August 20th, 2003, 11:37 pm

June 15th, 2012, 8:18 pm #7

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



The usual neocapitalist bull$hit. We need the big enterprises because we cant do without them. They even invented a civilized way for the exploitation of the local market. Its called "foreign investment". They supposed to bring prosperity and offer jobs.

What they forgot to say is that they seek only cheap labor force and a way to bring money back to their HQ in a foreign country. Good riddance and lets support the local business.

J J 6 o'clock

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Joined: February 18th, 2006, 4:50 pm

June 15th, 2012, 8:22 pm #8

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



to be honest such foreign investment is absolutely useless , they are buying from locals, selling to locals, making money out of this and sending the profit out of country. they create no value. They are hiring workers at the expense of small shop owners.


Last edited by TheKhun on June 15th, 2012, 8:23 pm, edited 1 time in total.
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Joined: April 14th, 2012, 12:55 am

June 15th, 2012, 8:29 pm #9

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



I'm saying again the company has stopped paying small greek suppliers 4-5 moths ago if it goes bust, they wont get their money...but communists in greece live their own myth...like hellenic sun.
YOU ARE FREE TO EMIGRATE TO NORTH KOREA!
ahhh by the way Cuba turned to capitalism tooo
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Joined: February 18th, 2011, 10:09 pm

June 15th, 2012, 8:32 pm #10

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



my grik neighbours, Carrefour is the biggest hypermarket chain along walmart, what will you eat now? Going back to the county lifestyle and make your own food?

I'm not like everybody else

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Joined: May 22nd, 2012, 12:47 pm

June 15th, 2012, 9:11 pm #11

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



That is not good news.Greeks should form a government as soon as possible and start taking some immediate action to solve their economic problems.Not wanting to see the problem is not gonna solve the problem.
This kind of things have negative effect on other foreign companies.No one is gonna invest in Greece.
Although Germany had some blame for this crisis I don't think Germany and other north European countries can continue subsidy Greece forever.Many other countries have had some crisis ,but they all came out of it.Greece should do it on its own.
Greece can learn it from Turkey.Turkey did just get on with it.
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Joined: February 17th, 2012, 8:10 pm

June 15th, 2012, 9:12 pm #12

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



GOOD RIDDANCE!
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Joined: July 26th, 2005, 4:10 am

June 15th, 2012, 9:34 pm #13

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



Too many Greek are communist and far left. The country is doomed. The situation right now is the best it will be over the next 2-3 years. Things will get much much worse.

Only when totally destroyed will the Greek leftist morons realize that being left makes you poor as fv _ck.


Now, point out countries that are resource poor, but rich, that don't have high levels of foreign direct investment (and don't export a lot). Greece is SCREWED. This just shows foreign companies that they should steer clear.
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Joined: March 17th, 2011, 8:26 pm

June 15th, 2012, 9:42 pm #14

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



According to the Gringo-Greeks and Aussie-Greeks of WAFF, Greece will rebound within 2 years with double-digit growth.


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Joined: February 18th, 2011, 10:09 pm

June 15th, 2012, 9:52 pm #15

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



@Ekrem: lol indeed, you see this Romulfag once a time showing his head around waff claiming the most absurd things. I wonder in what reality he lives in

I'm not like everybody else

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Joined: July 26th, 2005, 4:10 am

June 15th, 2012, 9:58 pm #16

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



"According to the Gringo-Greeks and Aussie-Greeks of WAFF, Greece will rebound within 2 years with double-digit growth."


IF there is no delay and reforms are implemented right away, they will take 3-5 years to make. Closer to 5 because there are a lot of structural reforms to make. The results will not show up for 5 years. After that you can have rapid growth (5%+). Plus you need more suffering of the average person, so they can realize the old system is dead and they have to change.

In the meantime, the EU will provide structural/community funds for infrastructure etc, so that Greeks don't resort to eating each other.
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Joined: November 26th, 2004, 9:22 am

June 15th, 2012, 11:00 pm #17

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



Loss my arse... they're just looters.
no foreighn retail store ever paid tax... they import goods from their own offshore companies overpricing everything and consequently present no profit whatsoever.
They made no investment -other than the initial
they put out of business many local stores with their Chinese crap products
So Farewell...


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Joined: September 27th, 2011, 8:38 pm

June 15th, 2012, 11:46 pm #18

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



It says Carrefour SA , which it stands for Sabanci , A Turkish Holding...

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Joined: July 23rd, 2009, 8:26 pm

June 16th, 2012, 12:21 am #19

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



Had this happened in Turkey, Grikos would have tried to portray it as an economic catastrophe and a definite sign of Turkey's drop from regional power status. But because it's happened in the corrupt, incompetent,m insignificant little chithole that is Greece, it's somehow a great development that shows how awesome Greece is. <img border="0" src="http://www.network54.com/Realm/SmilesWA ... nghead.gif" alt="knockinghead.gif">

Do you brainless little twats think for even a brief moment that ANYONE actually takes your deluded little rants seriously? The entire world reads what kind of a joke Greece really is on a daily basis. You're an embarressment to not only the EU, but also to countries like Somalia. They can at least justify their bad economic standing. You can't.

 

 

 



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Joined: July 23rd, 2009, 8:26 pm

June 16th, 2012, 12:27 am #20

PARISCarrefour SA said Friday it will sell its Greek supermarket to its local partner and walk away from the country at a loss, offering concrete evidence of foreign investors severing ties with Greece amid a deeply contracting economy and political upheaval.



The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not. A host of international companies have said they are preparing contingency plans for such a risk, with many voicing concerns about how to retrieve cash in the event of Greece leaving the 17-nation common currency.

For Carrefour, the decision to exit Greece represents a strategic shift under new chief executive Georges Plassat, who took over from Lars Olofsson last month with a mission to turn the struggling retailer around. Mr. Plassat is due to make his first public presentation as CEO to the annual shareholders meeting on Monday.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to the Marinopoulos family and take a mostly noncash charge of 220 million ($277.9 million), comprised largely of a write-down of its investment in Greece. Carrefour didn't disclose further details, notably on the cash component of the financial charge. Carrefour had already written down its Greek business by 188 million in 2011.

A banker for the Marinopoulos family, which will now fully own Carrefour Marinopoulos, said it has agreed to pay Carrefour a symbolic euro for the stake. Jean-Marc Forneri of Paris-based investment bank Bucéphale Finance, which advised the family on the deal, said the Greek buyer will invest 300 million in the stores.

A Carrefour spokeswoman said upon completion of the deal the company will no longer have any exposure to Greece, suggesting that any debt associated with the Greek supermarket business was transferred alongside the assets. Mr. Forneri declined to comment on whether the Greek family assumed any debt as part of the deal.

Carrefour said the sale of the stake will allow the Greek joint venture "to meet the challenges of Greece's prevailing economic environment." Carrefour added that the Marinopoulos family is firmly committed to Greece and is "best placed" to handle the supermarket chain "in the current context."

Carrefour's move represents an effort to cut ties with a country that it recently described as its sole loss-making market.

Though Greece contributes a small part of its overall revenue, the world's second-largest retailer after U.S. giant Wal-Mart Stores Inc. has over 800 stores in the country, along with its local partner, and is one of Greece's biggest private employers. Sales have plummeted in the country, now in its fifth year of recession, as the banking system reels from mounting bad loans, the economy nose dives and fears over an eventual exit from the euro zone shatter consumer confidence.

Mr. Forneri said negotiations between the two sides began a few weeks ago, shortly after Mr. Plassat joined Carrefour. Both sides reached agreement quickly as Carrefour wanted the deal to be ready for the shareholders meeting on Monday, he said.

While Mr. Plassat has yet to publicly outline his plans for the retailer, since his arrival at the company's helm Carrefour has announced a reorganization of its real-estate operations and late Thursday said it will expand in Argentina, where business is brisk. But for Mr. Plassat, rejigging its international business will only account for part of the battle to turn Carrefour around, as the difficulties facing the company's domestic marketwhere sales are stagnant and it is losing market shareare likely to be his greatest challenge.

Sales at Carrefour have slumped as consumers pinch pennies against the backdrop of Europe's sovereign debt crisis. Carrefour is also feeling the pressure as some consumers turn away from hypermarketssupercenters selling everything from baguettes to bicycleswhich are losing business to more conveniently located and price-competitive supermarkets.

Investors welcomed Carrefour's decision to leave Greece and increase its exposure to Argentina, where it plans to buy 129 stores in supermarket chain Eki. Carrefour shares ended Paris trading up 5.9% at 14.49.

"Leaving Greece is rather good news, given the plummeting commercial performance of the company in the country, but the cost of the exit is high and shows the company's difficulty in the region," said Aurel BGC analyst Jean-Marie L'Homé. He said the expansion in Argentina will strengthen the company's position in Buenos Aires, the capital, as it will be able to get synergies with the stores it already owns.

Besides buying the Greek unit, the Marinopoulos family secured the exclusive franchise rights of Carrefour for Greece, Cyprus, Bulgaria, Albania and other Balkan countries. The transaction will be completed in the coming weeks, providing antitrust authorities approve it, Carrefour said.

http://online.wsj.com/article/SB1000142 ... lenews_wsj


Hehe. Every day, we hear numerous companies and large-scale investments leaving Greece en mass. They're so frustrated with the utterly corrupt, lazy, incompetent Grikos that now even their # 1 allies, the French, are giving up on any hope and getting the fvck out of Greece despite having to sell their assets at a loss.

Money is now escaping Greece like the Griks used to escape their Turkish invaders. FAAAST! Greece's complete financial meltdown is only a matter of time. Total collapse of the Grik society is a natural consequence, and unfortunately imminent.

East, West, North, South... Too bad Turkey's neighbors are total fvcking FAILS whichever direction you look. But we'll continue to shine like a beacon of hope in our region.



<em>"It says Carrefour SA , which it stands for Sabanci , A Turkish Holding..."</em>

No it's not Sabanci. SA is a common suffix in Greece along with "AE" that denotes a public limited company. For example. Attiko Metro SA is the firm that runs Athens' subway system.

 

 



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