FRANKFURT May 15 Rewe, one of Germany's largest
retailers, said it is looking to sell its ProMarkt chain of
consumer electronics stores because it is unable to compete with
competition from online retailers such as Amazon.com.
Rewe said the stores had little prospect of a profitable
future, and that with a market share of just 1.4 percent in
Germany, restructuring was not appropriate.
A spokesman declined to comment on whether interest had been
shown in the chain, which has 70 stores. Rewe would consider the
sales of stores individually or as a package, he said.
Other European electronics retailers to feel the heat from
online competition include Metro AG's Media-Saturn and
Darty, which is closing loss-making operations in
ProMarkt saw sales drop 15.5 percent last year. By
comparison, Media-Saturn, which finally started selling products
online in 2011 with the acquisition of Redcoon, reported a 4
percent rise in sales in Germany for 2012.
Metro declined to comment on Wednesday on whether it would
be interested in ProMarkt.