A comprehensive analysis of the situation has made it clear that, under these conditions, Tegut is not economically viable in the long term, given its specific market positioning and its comparatively small size. Various discussions with competitors about taking over individual Tegut locations in the course of the restructuring led GMZ to the decision to withdraw from Germany entirely. The option of a full takeover of Tegut by a retailer not yet present in the German market proved not to be feasible.
In subsequent, more in-depth discussions with German retail chains, the primary focus from the outset was on securing as many jobs as possible and continuing to operate the stores.
“The decision to sell Tegut has been extremely difficult for us. Nevertheless, the analysis has clearly shown that a full divestiture under the current market conditions offers the best long-term perspective for all those involved — in particular for the employees, but also for our customers,” said Patrik Pörtig, CEO of Migros Zürich.
An agreement has already been reached with EDEKA and a corresponding contract has been signed. The contract covers the takeover of a substantial part of the Tegut Group. This includes a major portion of the store portfolio with its retail staff, the logistics center in Michelsrombach, the Herzberger Bäckerei (bakery), and Smart Retail Solutions, which operates the Teo automated store locations in Germany.
In parallel, Migros Zürich is conducting talks with additional market participants to secure a future for as many locations as possible.
The purchase price has been agreed to remain confidential between the parties. The handover of the stores to EDEKA and other market participants is still subject to approval by the Bundeskartellamt (Federal Cartel Office), which is reviewing the competition law aspects of the transaction.
GMZ asks for understanding that, due to confidentiality, no further details regarding specific store locations or the ongoing discussions with other interested parties can be disclosed at this time.
The financial impact of the transaction will be reflected in the 2025 annual financial statements, which will be published on 24 March. The overall winding-down process will result in extraordinary charges that will weigh on the results of both Genossenschaft Migros Zürich and the Migros Group.
