Spar of South Africa Sells Swiss Unit to Focus on Home Market

Spar Group Ltd. agreed to sell its Swiss unit for $59 million as South Africa’s second-largest retailer by revenue hones its focus at home.

The sale to Tannenwald Holding AG helps Spar significantly reduce debt, with the purchaser assuming all the obligations of the Swiss unit, the Durban-based company said in a statement Tuesday. Spar is also preparing to sell its UK business.