Russian retailer pulls out of Ukraine
Russian retailer X5 Retail Group has sold the assets of its Perekrestok supermarket operations in the Ukraine to its competitor Varus.
The company generates less than 0.3 percent of its revenue in that country. It had only 12 stores in the company compared to nearly 5,000 in Russia.
In a statement the company said that its strategy was to focus on core retail activities within the Russian Federation.
It is not clear if recent political events have played a part in the decision. Talks may have started in October but they needed to be completed very quickly which may reflect why no information was given on the price of the sale.
X5 is owned by Mikhail Fridman’s Alfa Group.
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