PRESS: X5 Retail starts closing Perekrestok Express stores

MOSCOW, May 21 (PRIME) -- Russia’s X5 Retail Group has started closing stores of its Perekrestok Express retail chain due to low profitability, Kommersant business daily reported Monday citing a source close to the chain.

The company failed to find buyers for the chain and already transformed 5–10 stores into Pyaterochka stores, while the fate of the remaining stores will be defined by the end of the year.

In 2017, Perekrestok Express’ revenue fell 11.6% to 9.77 billion rubles. In October 2017, X5 Retail Group announced plans to sell the Perekrestok Express chain, which comprised 170 stores at that time. Now, the chain has 116 stores.

(61.9408 rubles – U.S. $1)

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