Edeka completes withdrawal in Eastern Europe

The German retailer Edeka has sold its remaining 11 stores in the Czech Republic, completing its withdrawal in Eastern Europe. The stores were sold to Prager Firma Pramen CZ, according to Edeka.

Edeka said tough competition in the Czech Republic prompted it to withdraw, adding that the country’s retail sector has matured to the same level as the German market. Edeka sold in February this year 27 of its Czech stores to British retailer Tesco. Edeka, which entered the Czech Republic in 1992, generated around €47.9 million in sales last year. Edeka’s move followed the disposal of stores by French retailer Carrefour and Julius Meinl to Tesco and Ahold in recent months. Ahold bought 53 Julius Meinl stores and said it plans to convert them to Albert Heijn supermarkets.