ICA Gruppen sells Hemtex business

Source: icagruppen, Thursday, May 16, 2019

ICA Gruppen has sold all if its shares in Hemtex to the Norwegian home textiles chain Kid ASA. The purchase price is SEK226 million (USD25.42 million) on a debt free basis, which after transaction costs entails a capital loss of approximately SEK400 million (USD44.98 million), which will be recognised during the second quarter of 2019. Hemtex has 141 stores and had sales of SEK1.02 billion (USD110 million) in 2018.