Discount Retail Chain Netto Poland (owned by the Danish Salling Group) stated that six stores per week will be remodelled from Tesco to Netto. The process of transforming Tesco stores in Poland is to start this month. The owner of the Netto chain announces that it will be a very quick operation. Recently, the Polish Office of Competition and Consumer Protection (UOKIK) issued the final approval for the purchase of Tesco stores by the Salling Group. Thanks to the acquisition, Netto doubles its operations in Poland. Work is already underway to transform the 300 acquired stores.
Since the Salling Group agreed with the British supermarket chain Tesco on the purchase of the Polish stores in June 2020, the parties have been waiting for the final approval of the transaction by the Polish authorities. 'I am very glad that the takeover has become a reality. Thanks to the acquisition of Tesco Polska, we double our operations in Poland and become a significant player in one of the largest markets in Europe', said Per Bank, president of Salling Group. Poland is already the largest growth market for the Salling Group, and with the acquisition, the group is strategically implementing its expansion plans in Poland, which form the basis of the company's overall strategy. "We looked forward to the closing of the transaction and we can now begin the planned redevelopment of six stores a week," says Michael Løve, CEO of Netto International.
The plan of the Salling Group assumes investing over PLN 1 billion (US$260mio) in transforming Tesco stores into modern Netto discount stores.
Tesco Polska is preparing for collective redundancies, which may affect 1,230 people in Poland (this is how many have been reported to the Municipal Office in Krakow). The restructuring will cover administrative structures as well as selected stores.
See here for more: https://www.dlahandlu.pl/wiadomosci/,97274.html
