Luxembourg company decided to sell O'Key hypermarkets in Russia

The Board of Directors of Luxembourg-based O'KEY Group S.A. has decided to sell Russian hypermarkets O'KEY to local management. This was announced by the company on December 26.

"Based on the results of a comprehensive analysis, the Board of Directors of O'KEY Group has decided to sell the hypermarkets segment to management. The Board of Directors believes that this decision is in the best interest of the Group and all its shareholders," the press release stated.

The management team will take under its control the chain of stores "O'Kay", trademark, logistics infrastructure, as well as a number of other tangible and intangible assets. In order to finalize the transaction, it is necessary to obtain approval from the government commission for control of foreign investment in Russia and the Federal Antimonopoly Service.

It is noted that the stores will continue to operate in the usual mode.

At the same time the network of discounters "YES!" owned by Luxembourgers and the infrastructure connected with its work "will remain within the perimeter of O'KEY Group S.A.". According to the company's statement, "YES!" discounters will continue to operate in Russia and "focus on further business growth and improving the customer offer in the domestic market".

Earlier, on December 2, retailer Lenta announced the purchase of the Smile of the Rainbow chain of personal care and home goods stores. They will continue to operate under the same brand and expand geographically, particularly in the Moscow region.