Electricals retailer DSGi has sold its Electro World stores in Hungary for €1.
The retailer has sold all nine of its Electro World stores in the country to EW Electro Retail (EWH). All operations and employees will transfer to new owners.
It follows the sale of its stores in Finland and Sweden last month and is part of turnaround plans implemented by DSGi chief executive John Browett.
In a Stock Exchange announcement today the retailer said: “The important operations in Czech and Slovakia, which continue to perform well, remain as part of the group”.
The retailer, which operates PC World and Currys in the UK, will restructure the central office operations in the Czech Republic “to meet the need of customers in these two countries better”. Operations in Poland remain under review.
Browett said: “We have reached significant conclusions on our Central European businesses particularly against challenging economic environments in many of our markets. 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”.
In April, Retail Week revealed that DSGi was to close its Finnish loss-making Markantalo chain and Swedish operation PC City with the loss of nearly 500 jobs.
In the same month, Polish internet reports linked DSGi with Slovakia-based consumer electronics retailer NAY for a potential sale of stores in its Central European division.