Italy: Aldi shows interest in acquiring Tuodi

Italy: Aldi shows interest in acquiring Tuodi

German retailer Aldi Sud has shown an interest in acquiring Italian discounter Tuodi, which has reportedly been suffering financial problems since 2013 and is now up for sale, according to a report in Milano Finanza

Tuodi is said to have announced itsdecision to sell the business after failing to recover from losses of €33.7 million ($36.4 million) in 2013 and €47.8 million ($51.6 million) in 2014.

Aldi is said to be interested in purchasing Tuodi in line with its plans to open its first stores in Italy this summer, although Oxy Capital fund and Attestor Capital are also claimed to be potential buyers.

Rome-based Tuodi has been operating for 20 years and is one of the main retailers in Italy, with revenues of €600 million ($648 million).

Source: Milano Finanza