French retailer Carrefour sells Indonesia stake

November 20, 2012 - 5:33 AM

PARIS (AP) — French supermarket group Carrefour is selling off its business in Indonesia for €525 million ($670 million) as part of a broader effort at turning around its fortunes.

Carrefour SA, the world's second-largest retailer by revenue after Wal-Mart Stores Inc., announced Tuesday that it is selling its 60-percent stake in Carrefour Indonesia to its local partner, CT Corp.

CT Corp. will now run the company's 84 hypermarkets and other stories in Indonesia, Carrefour says in a statement.

Carrefour, facing slowdown in Europe and troubles with its core hypermarket business, is working on a turnaround plan that includes shedding some of its operations.