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. Last Updated: 07/27/2016

X5 Looks to Buy 22 ALPI Stores

X5 Retail Group, the country's largest food retailer and the owner of the Pyatyorochka and Perekryostok supermarket chains, signed an agreement stating its intention to purchase 22 stores from the troubled ALPI supermarket chain in a deal worth $240 million, Kommersant reported last week.

X5 will then rent out the premises to ALPI, although an outright buyout of the company is also a possibility, Kommersant reported.

ALPI's financial woes came to light in August, when the company's financial arm, ALPI-Invest, announced that it could not meet a 1.5 billion ruble ($56 million) debt obligation.

The global financial crisis has spelled tough times for food retailers. Earlier this month, the government announced that it was allocating funds to X5 and other major retailers in an effort to revive flagging credit markets.