Chilean retail group SMU is to divest some of its businesses, including 40% of supermarket chain Monserrat and 100% of the Peruvian wholesaler Mayorsa.
Group aiming to reduce debt
The holding company, controlled by Chilean businessman Alvaro Saieh, hopes the sale will raise between USD300m and USD400m to reduce its debt. The announcement follows denials last week that such a sale was imminent. It is also reported that SMU is to close around 75 stores and reduce spending in 2014 and in 2016.
Not part of core business
According to reports, SMU's CEO Marcelo Galvez was quoted: "Our plan is to sell these successful businesses, which aren't a part of a core food-retail operation."
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