French supermarket chain Carrefour has decided to close its two outlets in Singapore by the end of 2012, the company said on Tuesday.

Carrefour said in a press statement that it decided to close its two stores in Singapore, which are located at the shopping malls Suntec City and Plaza Singapura, as "expansion and growth perspectives do not allow reaching a leadership position in the medium and long term."

Carrefour opened its first store in Singapore in 1997.

The company has said in 2010 that it would leave Malaysian, Singaporean and Thai markets. In November 2010, it sold its 42 stores in Thailand to local chain Big C in a deal worth 868 million euros ($1.08 billion). But it later put off plans to sell its stores in Singapore and Malaysia.

Carrefour's operations in Asia are mainly in China, including Taiwan. It has 25 supermarkets in Malaysia at the end of 2010.