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French competition authority probing Fnac Darty store sales
September 11, 2017 / 1:07 PM / 8 days ago

French competition authority probing Fnac Darty store sales

Sept 11 (Reuters) - France’s competition watchdog said it would examine the conditions under which music and book chain Fnac Darty is honoring its commitments to sell six stores in the Paris region, following Fnac’s takeover of Darty.

In July 2016, the French Competition Authority had authorised the acquisition, provided that the combined unit get rid of six stores by the end of July 2017.

However, Fnac Darty has not managed to meet those terms as three of the stores had not been sold yet.

The group said on Monday that it had found buyers for two of those three stores, but the sale had not been approved by the competition watchdog.

As for the third store, the chain said it had asked for an extension of the deadline granted to fulfill its commitments, which had been refused by the watchdog.

“Fnac Darty is exploring several options in order to rapidly reach a solution,” the group said in a statement. (Reporting by Piotr Lipinski; Additional reporting by Pascale Denis; Editing by Sudip Kar-Gupta)

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