November 23, 2016 / 9:22 PM / a year ago

Brazil's GPA initiates sale of controlling stake in Via Varejo

SAO PAULO, Nov 23 (Reuters) - The board of GPA SA , Brazil’s largest retailer, authorized management of the company to initiate the sale of its controlling stake in its Via Varejo unit, the company said on Wednesday.

The company’s decision to sell its stake in the appliance retailer comes as GPA refocuses on its core business of food retailing amid a severe recession. (Reporting by Reese Ewing and Guillermo Parra-Bernal; Editing by Daniel Flynn)

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