Ailing distributor CHS Electronics has sold back five European subsidiaries to their original owners in an attempt to ease its cashflow crisis.
The distributor confirmed that it had sold ARC Espanan Catera and Memory Set in Spain, Arena Bilgisayar Sanayi ve Ticaret and Armada Bilgisayar in Turkey, as well as Raphael in Italy.
The sale also included two un-named operations in Latin America.
CHS estimated that the sale of the operations would reduce its debt by $146 million.
One observer commented: " It is a start in the right direction to get rid of your non-core businesses but I think that the company has a long way to go to turn the financial situation around."
CHS UK has insisted that the operation would be not be the subject of a management buyout.
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