General Mills mulls sale of China Haagen-Dazs stores, Bloomberg News reports
(Reuters) -General Mills is considering selling its Haagen-Dazs ice-cream stores in China, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The Minneapolis, Minnesota-based company may seek several hundred million dollars for the assets in a sale process that could begin this year, the report added.
The discussions are in early stages and the company may not pursue a sale, the report said, adding that General Mills intends to continue selling Haagen-Dazs in places such as supermarkets and convenience stores in China.
Reuters could not immediately confirm the report. General Mills did not immediately respond to a Reuters request for a comment.
General Mills has been undergoing a restructuring and said last month that it would record a charge of about $70 million in its current quarter. The restructuring efforts, estimated at around $130 million, are expected to be completed by the end of its fiscal year 2028.
Packaged food companies including McCormick, General Mills and Conagra Brands have faced slowing demand as sticky inflation has compelled budget-conscious customers to hunt for value even for essential items such as groceries.
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