Grupo Axo axes C&A deal

Grupo Axo axes C&A deal

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Mexican retail group Grupo Axo said it has withdrawn from an agreement to buy the local operations of European clothing store C&A from Delbora Investments and C&A Mode, the two shareholders in C&A México. "Largely as a result of the adverse effects of the COVID-19 pandemic, the parties agreed to terminate the operation," Grupo Axo said in a securities filing on Monday. Grupo Axo announced in February last year that it had struck a deal to buy C&A México for an undisclosed amount.

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