German retailing major REWE Group announced plans to offload its consumer electronics stores, which operate as part of the ProMarkt chain.
REWE chairman Frank Wiemer said that the move was prompted by constantly growing competition in the local market, further exacerbated by the steady consumer shift to online shopping. REWE does not see any prospects for medium-term profitability at ProMarkt.
The chain’s share of the German market stands at a mere 1.4%, which excludes restructuring as an alternative, Wiemer added.
When approached by Reuters for additional information, a REWE spokesman declined to say whether any parties had expressed interest in ProMarkt. He only disclosed that the company was open to selling the stores as a bundle or individually.