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German retailer Metro has agreed to sell its stores in Morocco in a deal that marks its first retreat from a country and could presage similar decisions to cut exposure to underperforming markets.
Metro’s eight cash-and-carry stores are being sold to Label Vie, a Moroccan company that holds a Carrefour franchise, for €120m ($163m), Metro said on Monday. The deal will add a one-off €50m boost to earnings for the German retailer, one of Europe’s three largest by global sales along with Carrefour and Tesco.
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