FRANCE: Carrefour silent on job cut reports
French retail giant Carrefour has declined to comment on reports it is looking to cut 500 to 600 jobs in France.
According to French publication Le Figaro, Carrefour is this week expected to announce the elimination of more than 500 jobs at its headquarters in France. The figure represents around 3% of the group's workforce, a union representative told the publication.
The retail giant has had a tumultuous 18 months, which has included a series of profit warnings and shareholder dissent over its strategy after a plunge in its share price.
Profits and sales fell in 2011 and in April, the group booked a drop in sales for the first quarter of 2012, hit by weakness in its French hypermarkets and a "difficult" trading environment in Europe.
CEO Georges Plassatt has said it will take around three years to turn the company around as it looks to focus on reducing debt and overhead costs as well as exiting non-core markets. Further details on the plans are expected to be revealed on Thursday when the group publishes its first-half results.
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