Aviva’s wholesale business has closed, and the company has announced a $20 million loss for the fiscal year that ended March 31.
The company said in a statement that it would close and sell its remaining stores in the U.A.E. and Brazil.
“The results of the year are not only challenging for the company but for its customers as well,” Aviva Chief Executive Scott Smith said in the statement.
The loss is the latest in a string of losses Aviva has suffered in the past year.
The grocer reported a net loss of $17.4 million for the third quarter, down from $31.2 million a year earlier.
The profit was also lower than the $25 million the company had expected.
The results have put pressure on Aviva to sell off some of its brands and boost earnings to offset a loss of more than $10 billion in its $35 billion acquisition of U.B.I. wholesale chain BJS.
Aviva said it is selling its remaining U.K. stores and is also closing and selling its Brazil-based assets, including a factory in Rio de Janeiro.
The U.G.A., which is part of the parent company of BJS, has also said it will close the remaining U-B.
Is in Brazil.
In a statement, Aviva CEO Scott Smith called the results “disappointing.”
The company expects to close about $5.5 million of stores by the end of the current fiscal year, Smith said.