Carrefour Checks Out of Greece

 

Carrefour SA said Friday it will sell its Greek supermarket business to its local partner and leave the country altogether, offering concrete evidence of foreign investors exiting Greece amid a deeply contracting economy and political upheaval.

The French retailer said it would sell its 50% stake in its supermarket chain in Greece to its local partner, the Marinopoulos family, for an undisclosed amount and will take a mostly noncash charge of €220 million ($277.9 million).

The announcement comes just two days ahead of pivotal elections that could prove decisive in whether Greece stays in the euro zone or not.

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