Arion Bank to sell 10-11 convenience stores in Iceland

Arion Bank says it intends to split the 10-11 chain of convenience stores from the estate of Hagar and sell it off. It is not anticipated that other retail chains within the Hagar group will be sold separately. Former Hagar owners Jon Asgeir Johannesson and his father Johannes Jonsson will explicitly not be allowed to buy 10-11.

Arion made its decision to sell 10-11 separately due to advice that it will raise more money than if it were sold along with other Hagar chains including Bonus and Hagkaup. The bank was also responding to Competition Authority concerns that keeping the group together would not benefit free competition in the food market.

10-11 runs 23 stores in the Reykjavik capital region, in Reykjanesbaer and in Akureyri. They are open 24-7 and employ 230 people. The chain was valued at ISK 4 billion(USD 34.1 million) last year. With 10-11 sold off, Hagar will be left with 38 food stores.

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