Grupo Dia sells its stores in the country for just 100 euros

The Spanish supermarket chain Dia will close its activities in Brazil after more than two decades of operations in the country. The company will close the doors of 343 stores and 3 warehouses. The group confirmed this Friday (31) that it agreed to sell its business in Brazil for a symbolic price of 100 euros (R$570), to leave the country and focus on more profitable markets, such as Spain and Argentina. The asset sale strategy is to reduce its net financial debt. In 2023, the retail group had already declared that it would leave Portugal, where it had around 500 supermarkets.

Sale to Banco Master

The store network in Brazil will be sold to MAM Asset Management, from Banco Master, according to information from Dia himself in a statement to the Spanish stock market regulator. The Spanish company guaranteed a commitment to transfer 39 million euros to its Brazilian unit before the sale. Since its arrival in Brazil in 2001, the group has made heavy investments in the country, which have not brought the expected return. The sale will have a negative accounting impact of 101 million euros on the group's balance sheet. In March, the company had already announced the closure of more than 300 stores and three distribution centers in Brazil, given negative results in 2023. However, it confirmed that it would continue to operate its 244 units in São Paulo.

Focus on the main markets in the world

According to the Dia group in Brazil, its operations in São Paulo employ more than 2,500 workers, but there is still no information about the future of these employees.

This decision to sell the stores is part of the restructuring of the Brazilian subsidiary of Grupo Dia, present in the country since 2001. The organization will also analyze strategic alternatives for the rest of its businesses in Brazil. Distribuidora Internacional de Alimentos, owner of the Dia group, clarified that its decision to close the supermarkets is based on the persistent negative results of its subsidiary in Brazil. The strategy also aims to concentrate efforts on the company's main markets, as these are markets that offer greater potential for growth and profitability for the group.

Featured Photo: group decides to focus its operations on other countries, such as Spain and Argentina (Reproduction/Disclosure/DiaCorporate)