Original article by Eli Greenblat
The Australian – Page: 15 & 23 : 23-Jan-20
Shares in grocery retailers Coles and Woolworths rallied on 22 January, after German supermarket group Kaufland announced that it has abandoned plans to expand into the Australian market. Kaufland has advised that its 200 employees in Australia will receive their full entitlements; the majority had previously been employed by Coles or Woolworths. Schwarz Group is believed to have invested about $500m in Kaufland’s Australian operations, with plans to open at least 20 stores across the country.
KAUFLAND STIFTUNG & CO KG, SCHWARZ GROUP, COLES GROUP LIMITED – ASX COL, WOOLWORTHS GROUP LIMITED – ASX WOW