European supermarket giant Kaufland has revealed it intends on pulling out of the Australian market.
Kaufland was set to open 14 stores in Victoria alone, and purchased three sites for new stores in Queensland and a number of blocks of land in South Australia.
The company, which has 200 employees in Australia announced it would undertake an “orderly withdrawal” from the Australian market.
Kaufland’s investment was reportedly worth $435 million and was expected to create over 1,500 jobs.
“This was not an easy decision for us,” Frank Schumann, the acting CEO of Kaufland International said.
“We always felt welcome in Australia. We would like to thank our employees and we apologise for the disruption this decision will cause.”
The company said it would turn its focus to its business in “European core markets in the foreseeable future”.
Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, property and tech news.