The British Sainsbury’s Corporation recently reported that it is continuing their evaluation of the future of Sainsbury’s-Egypt Company, and therefore, until now, no final decision has been made regarding this subsidiary.
Al-Ahram newspaper reported that the spokesman for Sainsbury’s in London announced that the company is currently evaluating three alternative strategies regarding Sainsbury’s-Egypt Company — sales, development and entering joint ventures. The company presently operates 106 large stores in Cairo, employing 2,500 workers.
The spokesman revealed also that the company had generated ₤11 million profits in 2000, despite the numerous problems facing this subsidiary. In addition, he asserted that the company has been reviewing and assessing its performance and activities since last November. —(Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)
