Sat. Feb 23rd, 2019

The CEO of Dia, Borja de la Cierva, goes on tour in New York and London to sell his strategic plan

Borja de la Cierva, CEO de Dia


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MadridUpdated:

While uncertainty about the future of Dia does not stop growing, the CEO of the company, Borja de la Cierva, is this week making a "road show" for several international placesto present the new strategic plan of the supermarket chain to investors. This international tour started yesterday in New York and the presence of the CEO in London is expected in the coming days.

This de la Cierva mini-shoot is being carried out after Dia presented its 2018 results, the worst in its history, which reflected that it was in a situation of "Technical bankruptcy" after having negative own funds of 99 million euros. This is why the company intends to carry out a capital increase for 600 million euros, secured by Morgan Stanley, an essential requirement to approve a refinancing of the debt with the creditor bank.

The approval of this capital increasemust be submitted at the next general meeting of shareholders, which is expected to be held in mid-March.

Despite the poor financial results, the board of directors of Dia trusts to move the situation forward with a five-year strategic plan that would be supported by five pillars. So, Dia bet on a price offer with pSpecialties and fresh products to recover market share (of 7.5%, according to the data presented yesterday by Kantar). In addition, the company will remodel the state of its stores to respond to the needs of customers, while its storesproximitywill gain more weight, in addition to improve your online channel It also wants to improve the relationship with its franchisees, investing in them both in training and in their career plans.

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