COLOMBIA – The Board of Directors of Chilean retail chain Empresas La Polar S.A., decided on its meeting of February 27, to withdraw from the Colombian market. 

The decision was taken due to the company’s difficulty to achieve the expected results in Colombia. The company also explained that it was motivated by changes in market conditions and due to the need to focus its resources on its retail and finance operations of Chile.

La Polar arrived in Colombia in 2010 and currently operates six stores in four cities: Bogota, Medellin, Bucaramanga and Yopal. The end of operations in Colombia will take place in the short term and the management is already evaluating options for the sale of assets to proceed.