UK: GUS To Cut 600 Jobs
Great Universal Stores, the UK-based retail giant, is to cut 600 jobs with the closure of General Guarantee Finance (GGF).The news follows disappointing performance by its UK and European Home Shopping businesses. John Peace, chief executive of GUS, said that the closure of its car loans concern was made after the Group, whose catalogues include Kays, Choice and Great Universal, had decided to focus on its key businesses."The decision to wind down General Guarantee was not an easy one to make. However, after examining the alternatives closely, we have satisfied ourselves that this course of action is in the best interest of GUS," he added.The full wind-down of GGF, which employs around 600 people, will take place over three years.In the year to March 2000, the operating profit of GGF after funding costs was £24m. GUS expects that income earned by GGF during its wind-down will at least match the costs of closure.
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