Belgium-based food retailer Delhaize has agreed to sell three U.S. supermarket chains to rival Bi-Lo Holdings for $265 million to simplify its U.S. business and focus more on its larger chains.
Delhaize, which earns some 65 percent of its revenue in the United States, said in a statement late on Tuesday that it would be selling its Sweetbay, Harveys and Reid's operations, Reuters reports.
The 165 stores generated revenue of $1.8 billion last year, about 6 percent of Delhaize's overall revenue of 22.7 billion euros ($29.18 billion).
Chief Executive Pierre-Oliver Beckers, who is set to retire at the end of the year, said the deal would help to simplify its U.S. operations and focus its efforts and money on its remaining businesses there.
The stores it has sold operate in South Carolina, Georgia and Florida.
Delhaize will retain its largest U.S. business, Food Lion, with more than 1,000 stores in the southeast and mid-Atlantic states as well as its smaller Bottom Dollar and up-market northeastern Hannaford chains.