Día Engages PwC to Handle the Sale of 300 Supermarkets
22 February 2019 – Idealista
Día is looking for solutions to cushion the impact of its business plan, which forecasts the elimination of up to 2,100 jobs, by selling off its premises. The company has engaged PwC to look for a buyer or buyers for as many stores as possible of the 300 that it plans to close this year.
Día is going to present an Employment Regulation File to the company’s unions, which has already been announced will affect a maximum of 2,100 employees, all in Spain. To minimise the redundancies, the company wants to get rid of the property that it is hoarding in a large number of locations across the country and raise all of the funds that it can.
Most of the dismissals that Día is planning will be concentrated amongst staff in the stores that are going to be closed, in such a way that, to the extent that interested parties can be found to acquire those establishments, they will try to reach an agreement with them to absorb the workforce, or at least, some of it.
Día is whereby returning to PwC after entrusting the firm with a similar task to divest its cash & carry business, Max Descuento, for which it expects to receive almost €50 million.
The Big Four firm, which is making contact with industrial companies interested in acquiring this business, will propose acquiring the stores in batches. Día expects to have closed all of its divestments by the middle of this year.
Original story: Idealista
Translation: Carmel Drake