Coop acquires Jumbo

(Updated at 10:33 a.m.) - An earthquake in Swiss retail: Today, Coop has announced that it has acquired the DIY and garden store chain Jumbo from the owner of Manor, Maus Frères. The purchase price of the deal was not disclosed.

In a statement, Coop pointed out that the deal will have yet to get the go-ahead from the Competition Commission. The announcement states that Jumbo’s 40 stores « will ideally complement the Coop Group’s locations.»

As Didier Maus, Chairman of the Board of Directors of Maus Frères SA, is cited in the statement, he explained: «It was vital to find a strong new employer with a long-term vision for the employees of Jumbo, as is the case with Coop». The decision, Maus continues, «is part of the holding company’s ongoing strategy to focus on its core business and DNA,« which are department store chain Manor and the MF Brands Group division, which brings together brands such as Lacoste and Gant.

For its part, the president of the management of Coop Joos Sutter said, « we are convinced that we have created on all fronts an ideal basis for the future.» «I am delighted,« he continued, « to welcome the new members of staff to the Coop family.