General Mills Mulls Haagen-Dazs Exit in China
General Mills is reportedly considering selling its Haagen-Dazs ice-cream stores in China, potentially for several hundred million dollars. Discussions are in early phases, and a sale isn't guaranteed. This comes amid restructuring and challenges from inflation's impact on consumer spending on staples.
General Mills is reportedly contemplating the sale of its Haagen-Dazs ice-cream stores across China, sources informed Bloomberg News on Wednesday. The company could potentially fetch several hundred million dollars from the sale, which might commence this year.
According to the report, discussions are still at an initial stage, and a decision to sell may not be finalized. Despite this, General Mills plans to continue distributing Haagen-Dazs products in Chinese supermarkets and convenience outlets.
Currently restructuring its operations, General Mills recently announced plans to record a $70 million charge this quarter. Industry leaders like McCormick, General Mills, and Conagra Brands face decreased demand as inflation forces customers to seek cost-effective alternatives even for essential goods.
(With inputs from agencies.)
Google News