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Food Lion pulls out of Thailand.
Aug. 6--Having lost billions of baht in seven years of trying to establish a presence in Thailand's hotly contested retail market, the Belgian supermarket group Food Lion LLC has thrown in the towel, closing all its stores and making its 1,340 employees redundant.
The prospects of Food Lion were not adequate to justify the extensive investment in capital and management required to achieve appropriate scale in the market, Jean-Claude Coppieters, executive vice-president of Delhaize Group, which owns Food Lion supermarkets, said in a statement issued yesterday.
Mr Coppieters said that the company's resources "would create more value for the group when ...
- Food Lion pulls out of Thailand.
- Newspaper article from: Knight Ridder/Tribune Business News August 6, 2004 700+ words
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Source: HighBeam Research, Food Lion pulls out of Thailand.