Updated: 08/29/2012 01:29

Carrefour to close Singapore operations by end of the year

®Copyright MediaCorp

Hypermarket chain Carrefour has announced that it plans to close both its local outlets -- at Suntec City Mall and Plaza Singapura -- by the end of this year.

This was announced in a news release this morning.

The French company opened its first store in Singapore in 1997.

And in 2010, it had said it would leave Malaysian, Singaporean and Thai markets.

In November 2010, it sold its operations in Thailand -- where it had 42 stores including 34 hypermarkets -- to Thai chain Big C.

But in the same month, it put off plans of selling its stores in Singapore and Malaysia.

Carrefour said it was confident of creating more value single-handedly in Malaysia and Singapore in the medium and long term, rather than by disposing of those properties.