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The Street reports that Walmart-owned Asda Group in the UK has sold off its photo division for "a mere" $7.04 million (US) to Photo-Me International, part of its move to streamline its business and focus on core strengths.

"The sale comes a week after Asda reported its steepest decline in quarterly sales ever," The Street writes. "The 621-store chain saw same-store sales fall 7.5% in the second quarter compared with a fall of 5.7% in the first quarter ... The sale is also the first under new CEO Sean Clarke, who took the helm in mid-July. Clarke will attempt to turn around the struggling business, that is losing market share to low-cost retailers Aldi and Lidl."
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