Retailer Carrefour may exit Turkey.

By bne IntelliNews June 19, 2012
Georges Plassat, chief executive of French retailer Carrefour, hinted that Carrefour might exit Turkey. Plassat said Carrefour needed to reduce debt and cut overhead costs. Plassat was quoted as saying that Carrefour is not necessarily better placed in Turkey than its Turkish partners. Carrefours Turkish unit is Carrefoursa, a joint venture with local conglomerate Sabanci Holding. Carrefour owns 58.2% of Carrrefoursa while Sabanci Holdings stake is 38.8% and the free float is 2.2%. Carrefoursa currently has 243 stores and 8,000 employees in Turkey. Carrefour already announced it would exit Greece.

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