Takeover perfect: Tegut converts Basic organic markets
The food retailer Tegut has taken over the insolvent organic supermarket chain Basic and plans to restructure the stores in the coming weeks. The 19 stores and the Munich headquarters are now part of the Tegut family, the company announced on Tuesday in Fulda following the court confirmation of the insolvency plan and the expiry of the objection periods. The approximately 500 employees would also be taken over.
The existing Basic stores will be rebranded to the Tegut umbrella brand in the coming weeks, but will retain core elements that are familiar to customers, announced Tegut Managing Director Thomas Gutberlet. Basic will become a supermarket with an organic focus. The service counters will continue to be stocked exclusively with organic goods.
Basic AG had started a protective shield procedure at the end of last year. In April, the plan was presented that Tegut would take over all locations with the exception of Rosenheim. The stores are located in Bavaria, Baden-Württemberg and the Rhine-Main region. The two companies have agreed not to disclose the purchase price.
The retail company Tegut from Fulda operates over 300 grocery stores across Germany with a traditionally high proportion of organic products and has been part of the Swiss cooperative Migros since 2013.
Tegut, having taken over Basic, intends to transform the struggling organic supermarket chain's stores into outlets that primarily focus on organic food under the Tegut umbrella brand. Once rebranded, the service counters in these stores will continue to exclusively offer organic products.
Source: www.dpa.com
