In the $k-$center problem, you're given $V$ points in Eucledian space, and you're asked to get a subset $C\subset V, |C|=k$ such that $\max _{v\in V}d(v, Closest-Center(C,v))$ is minimized.
Now I am aware of the greedy $2-$Approximation where you start with a random center, $C=\{c_1\}$. Then at each step, add the point furthest from $C$ iteratively until $|C|=k$
However, my question is about the local search approach. Namely, start with a set of random $k$ centers $C=\{c_1, ..., c_k\}$, then at each step, for every $(c_i, v), \forall v\in V-C, \forall c_i\in C$, check if $C-\{c_i\}+\{v\}$ improves the cost. There are $O(nk)$ such pairs, and it takes $O(n)$ time for each pair to compute it's cost for a total time of $O(n^2k)$ per iteration. Repeat this until your $k$ centers don't change after $I$ iterations (Where $I$ is trivially $O(n^k)$ ).
My question is, once the algorithm terminates, does the local search guarantee any approcimation ratio on the maximum distance? Is there any literature on this? I read in a paper that in the $k-$median problem, this approach would give a $5-$approximation.