Day decided to sell his perfumery chain Clarel to C2 Private Equity for 60 million euros, with an expected negative accounting impact of € 22.5 million from the operation in the consolidated income statement at the close of 31 December 2022, as announced by the company to the National Securities Market Commission (CNMV). Specifically, the agreement between the parties includes 1,015 Clarel stores and three distribution centers distributed across the country, among other assets.
It is estimated that the price that Dia Retail, a subsidiary of Dia, will receive for the transaction, which may change depending on certain parameters. 50 million euro debt free (10 million), which will result in a total funding of €60 million. The price will be paid in cash to Dia Retail at different times according to the milestones set in the contract.
Company It plans to allocate the resources obtained to accelerate the implementation of its strategic plan. by completing the restructuring of nearby stores in its existing network and accelerating new openings in the same format.
Completion of the transaction is subject to the fulfillment or waiver of the following precedent conditions as set out in the contract: On or before 30 June 2023: obtaining concentration control permission by the buyer from the European Commission and/or the National Markets and Competition Commission (CNMC) and taking certain measures by the buyer for financial security of Clarel merchandise. Dia stated that after the implementation is completed, she will report on compliance with the precedent conditions when the time comes.
Dia a deep restructuring process to settle your financial debt. In the first half of the year, debt reached 476.1 million euros. The company has completed the sale of 235 supermarkets and two logistics warehouses in Villanubla (Valladolid) to Alcampo to continue the account clearing. The supermarket chain had a tumultuous year with the mandatory CEO change held by Stephan DuCharme until August due to its closeness to Mikhail Fridman, a man close to Vladimir Putin. The position passed into the hands of Martín Tolcachir, who supported the complete transformation of the company.
Dia managed to increase its net turnover by 4.1% and comparable sales by 9.9%, despite the closing of 3% of its stores in Spain. The company increased its sales worldwide Net sales reached 5,500 million Euros in the first nine months of 2022, 12.6% more Compared to the same period last year. Good financial results still can’t make up for the stock market’s declines, where stocks have been on a volatile course. Día lost 37% of the value of its shares, which were trading at €0.013 each, within a year.