merger deal with TSC
Wright: We do not want to be associated
with a troubled business
Spinneys has turned down a proposed merger by TSC, said Michael Wright, the company’s local CEO: “We have not accepted the approaches by TSC,” he said.
Spinneys has been growing strong, according to Wright. “We do not want to be associated with the troubled TSC business,” he said.
Wright said that Spinneys had $240 million in sales (before VAT) in 2014. The chain’s local network has grown to ten branches across the country. Last year, it launched a new discount store concept, Happy, which has branches in Zouk and Choueifat.
Date Posted: Oct 05, 2015