Have given up Norway: – ICA is not viable on its own – Dagbladet.no

Have given up Norway: – ICA is not viable on its own – Dagbladet.no

Swedish ICA has given up Norway and will pull out whether Competition Authority approves acquisition of ICA stores or not.

It establishes ICA Swedish CEO Per Strömberg to Dagens Næringsliv.

– ICA Group going to leave Norway. To sell to Coop is the best option for the Norwegian customers and employees in Norway. ICA Norway is not viable on its own, he said.

He denies that there is any alternative to downscale Norwegian ICA and cultivate supermarket concept if Coops acquisition is not approved.

ICA Norway lost the 2014 average of 50 million a month and will approach bankruptcy shortly if the Swedish owners cease to cover up the deficit in Norway.

– There is no doubt that one of the options is bankrupt, says Coop CEO Svein Fanebust.

The Competition Authority will not have his decision ready before May. If they approve the acquisition, will become Coop Norway’s second largest grocery chain, only surpassed by Norway Group.

(NTB)