Tehnosila owner in negotiations to sell the business

Russian electronics retailer Tehnosila's owner Mihail Kokorich is in negotiations to sell the business, Kommersant reports. Kokorich has announced plans to step down from the post of Managing Director but stay on the Board of Directors. He will be looking to sell the Tehnosila network of 100 stores in 60 Russian cities for USD200-250 million including the company debt of USD100 million to another market player. The retailer plans to raise the funds from sales of its rental premises contracts, the remaining merchandise as well as its brand name. The name of the prospective buyer and the nature of the transaction have not yet been disclosed.