ICELAND: Baugur Warns On Profits, CEO To Step Down
Icelandic retailer Baugur issued a profit warning on Monday and revealed CEO Tryggvi Jonsson will step down this week and be replaced by owner and chairman Jon Asgeir Johannesson. The company, whose portfolio includes a supermarket chain in Iceland and Debenhams and TopShop franchises in Sweden and Iceland, said its results would be hit by a revaluation of supplies and restructuring costs.
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