Currys and PC World owner DSGi has sold off all nine of its Hungarian stores, which operate under the Electro World brand, for just €1 – a move that mirrors the recent sale of many of its Scandinavian outlets.
However, unlike the Swedish and Finnish sell-off – which resulted in the loss of 500 jobs – DSGi has stated that all current Electro World staff will continue to work for the new owners, EW Electro Retail, according to Retail Week.
“We have reached significant conclusions on our Central European businesses particularly against challenging economic environments in many of our markets,” chief executive John Browett stated.
“We have concluded that best value for shareholders, suppliers and our staff can be achieved through the sale of our operations in Hungary to EWH. The important operations in Czech and Slovakia, which continue to perform well, remain as part of the group.”