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Rewe sells Billa supermarkets in Italy

German trading group Rewe is pulling out of Italy with retail chain Billa, Austrian website reports. Rewe sold 53 Billa supermarkets to the Italian subsidiary of French trading company Carrefour. 

For the sale of the remaining 83 Billa branches, negotiations are still running with possible partners, Rewe announced on Monday evening. The 311 Penny branches in Italy, on the other hand, will continue to exist. Contrary to Billa, Penny has a good position in the Italian market.

"Our strategic goal is to achieve a top market position in all countries where we are represented with our supermarkets. For us, this wasn't attainable in Italy in the past, despite targeted investments, and by our current assessment, it won't be attainable any time soon either," says Frank Hensel, Chairman of the Board at Rewe International AG.

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