The decoration and furnishing dealer Depot is sold to the founding family. After a decade, the Swiss retailer Migros is withdrawing from the company, which operates more than 400 stores in Germany.
Migros is transferring its 90 percent stake in the home accessory provider to the previous minority shareholder and founding grandson Christian Gries, the participants said.
In order to be able to realize the business, Migros is refraining from reclaiming loans amounting to around 400 million francs (364 million euros).
The Swiss entered the deco chain founded by the Gries family in 2009. Since 2012 they owned the majority of the company. During this time, Depot expanded vigorously. The number of branches has increased since 2009 from 109 to 500, the turnover of 83 to more than 480 million euros.
Ti efrote numbers
However, earnings development did not match sales growth. According to the latest publications in the Federal Gazette, the depot parent company Gries Deco Company wrote deep red figures in 2016 and 2017.
The Swiss had lost their lust for their German daughter some time ago. In the summer, Migros announced its intention to part with the deco provider, as the synergies with its own core business in Switzerland were too low. In addition to 402 branches in Germany, Depot also operates 60 stores in Austria and 38 in Switzerland. The almost 8500 employees recently achieved a turnover of more than 480 million euros.
The sale in the middle of the important Christmas business should have "no immediate impact" for customers and employees, the parties said. But announced Christian Gries to want to realign the business in the coming year.
Depot must be "even faster and more efficient than before in order to remain competitive". In addition to the online business, where Depot recorded high growth, in the future, more attention will be paid to branches.