Coop takes over the DIY store chain Jumbo, until now in the hands of Maus Frères, the owners of Manor. The 40 stores will complete the network of the Basel group, already at the head of Brico + Loisirs. The transaction, the amount of which is not disclosed, will be subject to the approval of the competition authorities.
Jumbo employees, the number of which is not specified, will be taken over by Coop, according to the press release from the orange giant published on Thursday.
Refocusing on the high-end
It was “very important” to find a new “solid” employer with “a long-term vision” for the employees of Jumbo, according to the chairman of the board of directors of Maus Frères, Didier Maus. This sale corresponds to the “holding’s strategy” of refocusing on its core business, ie the Manor department store chain and the “high-end” and “world-renowned” brands, grouped under the name MF Brands Group (Lacoste, Gant, Aigle, The Kooples and Tecnifibre).
The sale of the elephant-headed sign will allow Maus Frères to strengthen its “already significant” financial capacities, in order to respond to “possible acquisition opportunities for additional high-end brands”.