Carrefour SA CEO Lars Olofsson cancelled the sale of the company’s Malaysian stores and said the retailer will invest in them instead, maintaining its foothold in a growing market.
Carrefour, the world’s second largest retailer, after Wal-Mart Stores Inc., has been focusing on its European businesses, to expand where the company already is a leading competitor. As part of this strategy, the company last week sold its business in Thailand, where several rivals were stronger, for EUR868 million (USD1.17 billion).
(Source: The Wall Street Journal Online )