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French supermarket group Carrefour is selling off its business in Indonesia for €525 million ($670 million) as part of a broader effort at turning around its fortunes.
Carrefour SA, the world's second-largest retailer by revenue after Wal-Mart Stores Inc., announced Tuesday that it is selling its 60-percent stake in Carrefour Indonesia to its local partner, CT Corp.
CT Corp. will now run the company's 84 hypermarkets and other stories in Indonesia, Carrefour says in a statement.
Carrefour, facing slowdown in Europe and troubles with its core hypermarket business, is working on a turnaround plan that includes shedding some of its operations.