Carrefour sells S Korea stores for $1.85 billion


28 April 2006 – Seoul (SKR): Carrefour has sold its South Korean stores for $1.85 billion to local fashion retailer E-Land.

The deal sees E-Land take ownership of 32 outlets, leaving rivals Lotte Shopping and Tesco empty-handed. Carrefour, the world’s second largest retailer, made the sale to concentrate on China’s retail industry. E-Land currently operates nearly 3,000 stores in the region.