Maus Frères, owner of Manor, sells Jumbo DIY chain to Coop
What: Maus Frères wants to focus on Manor department stores as well as on its brand portfolio.
Why is it important: The sale will enable Maus Frères to strengthen its financial capabilities in order to meet "possible opportunities for acquisitions of additional high-end brands".
The 40 Jumbo DIY stores will complement Coop network, already running more than 80 outlets. This sale corresponds to Maus Frères' strategy of refocusing on Manor department stores and "high-end" brands.
The transaction will be subject to approval by the anti-trust regulation. Employees will be taken over by Coop, according to Coop's statement.
It was "very important" to find a new "solid" employer with "a long-term vision" for Jumbo employees, according to Maus Frères board chairman Didier Maus. This sale corresponds to the "strategy of the holding company" to refocus on its core business, i.e. the Manor department store chain and the "high-end" and "world-renowned" brands, grouped under the name MF Brands Group. These are Lacoste, Gant, Eagle, The Kooples and Tecnifibre.