DSGi has confirmed that it has sold its Hungarian operation for €1, but has stressed that its other Central European divisions are not up for sale.
The Hungarian Electro World operations were sold to EW Electro Retail, with all stores, operations and employees transferring to the new owner.
In a statement to the City, DSGi's chief executive John Browett said: "We have reached significant conclusions on our Central European businesses particularly against challenging economic environments in many of our markets. We have concluded that best value for shareholders, suppliers and our staff can be achieved through the sale of our operations in Hungary to EWH."
However, he said that the company had no intentions to sell its other Central European businesses, including those in the Czech Republic and Slovakia, which he said were "continuing to perform well".
It is unclear what will happen to the other Electro World brands in Greece and Turkey following the sale.