PhotosRussia: RPT X5 Retail ups Pyaterochka stake, signs franchise for 30 new stores
X5 Retail Group NV. said it has increased its stake in Pyaterochka and signed a new franchising agreement to develop a new chain of Pyaterochka stores.
The Russian food retailer said it has bought a further 24 percent of Pyaterochka for $11 million, taking its holding in the company to 75 percent, and that it has an option to buy the remaining 25 percent in 2009.
X5 said it has agreed for Prodmag to develop at least 30 Pyaterochka franchises in the Ivanovo and Kostroma regions within two years, adding it has the option to buy the stores in 2011.
The company was created from the merger of soft discounter Pyaterochka and supermarket chain Perekrestok in May 2006.
Source: hemscott.com
X5 Retail Group NV. said it has increased its stake in Pyaterochka and signed a new franchising agreement to develop a new chain of Pyaterochka stores.
The Russian food retailer said it has bought a further 24 percent of Pyaterochka for $11 million, taking its holding in the company to 75 percent, and that it has an option to buy the remaining 25 percent in 2009.
X5 said it has agreed for Prodmag to develop at least 30 Pyaterochka franchises in the Ivanovo and Kostroma regions within two years, adding it has the option to buy the stores in 2011.
The company was created from the merger of soft discounter Pyaterochka and supermarket chain Perekrestok in May 2006.
Source: hemscott.com
Publication date: 6/19/2008
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