Supermarket giant announces shock exit
AFTER spending millions buying up sites German supermarket chain Kaufland will leave Australian market.
In a statement Kaufland said it will undertake an "orderly withdrawal" from Australia.
It said it will be concentrating its business on its European core markets in the foreseeable future.
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In Queensland Kaufland has bought four suites - in Toowoomba, Richlands, Morayfield and Burleigh heads.
Frank Schumann, acting CEO of Kaufland International, said: "This was not an easy decision for us. We always felt welcome in Australia."
"We would like to thank our employees and we apologise for the disruption this decision will cause.
"In Europe, we see a great deal of growth potential. We will actively shape the consolidation of the European retail sector, thus further reinforcing our leading position."