Currys, the British electrical retailer, announced its exit from the Greek market with the successful sale of its Kotsovolos unit to Public Power Corporation. The transaction, valued at 175 million

pounds (approximately $214 million), marks Currys' strategic move to streamline its operations and concentrate on its core markets in the UK, Ireland, and the Nordics.

The decision to divest the Greek subsidiary comes amid a 29% decline in Currys' shares over the past year. The sale's proceeds, expected to total around 156 million pounds after accounting for various expenses, will be primarily directed towards debt reduction and addressing the pension fund's net deficit.

By shedding its Greek operations, Currys aims to simplify its corporate structure, enabling a heightened focus on its larger and more profitable markets in the UK, Ireland, and the Nordics. This restructuring not only bolsters the company's balance sheet but also enhances its capacity to make strategic investments, foster business growth, and deliver greater returns to its shareholders.

Despite experiencing a decline in sales across most of its markets in the four months leading up to August, Currys remains committed to its annual guidance. The company remains optimistic about its performance in the UK and Ireland, where they have observed positive trends, while addressing the challenges facing their operations in the Nordics. CEO Alex Baldock emphasized the group's dedication to maintaining positive momentum in its primary markets, ensuring a prosperous future for the company. Photo by Evelyn Simak, Wikimedia commons.