Dixons confirms plans of dumping loss-making PIXmania business to German industrial holding company mutares A.G., together with the sale of the Turkish ElectroWorld operation to Bimeks.
The cost of "solving" what Dixons called "the PIXmania problem?" €69 million dowry in order to "support mutares' plan and for the ongoing funding of the business."
"I am a passionate believer that Dixons succeeds where we offer our customers a fully integrated multi-channel proposition and where we are the market leader," a mixed message from Dixons CEO Sebastian James says. "In order to succeed as a pure play e-tailer, PIXmania needs a different kind of entrepreneurial vigour."
Dixons acquired a 77% PIXmania stake worth €266m in 2006, before buying up the remaining 22% for €10m in cash from founders Jean-Emile and Steve Rosenblum. On February 2013 it closed all brick-and-mortar PIXmania stores in Spain, France, Belgium and Portugal in order to concentrate on online operations.