Financial Times

Cargills to acquire ‘Park & Shop’

The Cargills Food City chain is close to finalising a deal with the management of Park & Shop supermarket to acquire three of its outlets at Pamankada, Battaramulla and Nugegoda in a bid to consolidate its position as the biggest player.

Officials from both Cargills and Park & Shop confirmed the negotiations. Park & Shop came into the scene more than a decade ago and was an instant success with its outlet at Nugegoda, next to Bernards near Pamankada, and gradually spreading to other areas.

But in recent months its shelves have been sans many products triggering speculation that the company was facing a financial crisis. Its officials said they were exiting the business due to too much competition.

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