Grocery delivery service Getir is in discussions over the sale of several assets, including recently acquired US online grocer FreshDirect, as crisis talks escalate.
The company is understood to be contemplating the sale of many assets across the international markets it operates in, reported Sky News, including US-based online retailer FreshDirect which it bought from Ahold Delhaize in November 2023.
City sources told the publication that minority shareholder Mubadala was keen for the company to dispose of a series of assets, such as Turkish ride-hailing service, BiTaksi.
The news of the prospective off-loading of assets comes days after it was reported the grocery delivery giant was exploring a number of radical emergency restructuring options as part of crisis talks with its key investors.
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A source close to the company described the upcoming days as “make or break” for Getir and added that an outcome for the business could be made in as soon as the next couple of weeks.
A spokesperson for Getir had told Grocery Gazette: “Getir principally doesn’t comment on rumours or on internal matters, however, whenever decisions have been made, we will announce them as we have done in the past.”
Getir’s urgent discussions comes amid a challenging year for the delivery service, following its value dropping to $2.5bn – only two years after the company was valued at £9.6bn ($12bn).
In July last year, Getir announced it was to exit Italy, Spain and Portugal, leading to it having to shortly after slash its global team of staff. Getir now operates in only 5 markets, beside the UK.
Yet, despite a tumultuous start to the year, the delivery giant had appeared to make a comeback, both through a launch of a new pan-European partnership with Uber Eat, and then its acquisition of Fresh Direct late in the year.
