Ceconomy, the parent company of MediaMarkt and Saturn, delays plans to form a partnership with Fnac Darty, since it first wants to find a solution for ongoing financial troubles.
“We have hit pause,” the retailer tells Reuters.
The two retailers announced plans for a purchasing alliance back in May 2018. Dubbed a "European Retail Alliance," the aim of the partnership was to bring further efficiencies through strategic agreements with key suppliers, private label sourcing, licensing agreements and data collaboration activities. The result, the two retailers hoped, would bring about a network open for CE retailers across Europe, one leading to exclusive products and services.
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