Dixons Retail, parent company of PC World and Currys in Ireland, is to shed the underperforming e-tailer Pixmania. The deal, described as an "irrevocable offer" will see the retailer pay German industrial holding company mutares AG €69 million for the loss-making operation.
Financial results from the end of the 12 weeks to 31 July 2013 revealed today (5 September) showed a 6% like-for-like growth in the UK and Ireland sales and 5% in Northern Europe. Pixmania’s like-for-like sales declined 28% over the same period.
Sebastian James, Dixons Retail Group chief executive, said: "In order to succeed as a pure play e-tailer, Pixmania needs a different kind of entrepreneurial vigour."
Aurelien Fauvel, head of mutares France, said: "We firmly believe Pixmania has a fundamentally strong business that can achieve long term success in its markets and we look forward to discussing our future plans with the employees and stakeholders."
Dixons Retails also announced the disposal of its Electroworld operation in Turkey to competitor Bimeks.
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