Supermarket giant Eroski embarks on shop sell-off in southern Spain

LAST UPDATED: 8 Dec, 2013 @ 12:04
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Supermarket giant Eroski embarks on shop sell-off in southern Spain

EROSKI is looking to sell its stores in southern Spain in a bid to reduce its debt pile.

The supermarket intends to retain its Basque Country and Catalonia stores, and is currently in talk with creditors.

It currently owes €2.4 billion to 15 financial institutions as part of a syndicated loan and has a total debt of €3 billion which it is looking to reduce by half.

The company has already been in contact with potential buyers, although it is believed the prices they are willing to pay fall short of the desired rates.

Eroski ran into difficulties following its purchase of Caprabo in the midst of the property bubble.

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