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SANTIAGO, Feb 18 (Reuters) - Chilean retailer Ripley said in a regulatory filing on Thursday that it will close its operations in Colombia, citing a sluggish macroeconomic scenario there and a lack of opportunities to bring about its “original business plan.”
The company had said in November it had talked with a number of companies about developing its business plan in Colombia and elsewhere, but had reached no agreements.
“Several initiatives were put forth to make stores competitive and to reach the proposed goals, but the opportunities didn’t come about for us to realize our original business plan,” Ripley acting general manager Sergio Hidalgo Herazo said in the note to regulators Thursday.
Ripley said it will close its Colombian stores, which represent 3 percent of its total income but generated losses of $27 million in 2014, over the next 90 days.
The retailer’s Santiago-listed shares were up 2.91 percent as of 12:22 p.m. local time (1522 GMT). (Reporting by Gram Slattery; Editing by Chizu Nomiyama and Meredith Mazzilli)