The boss of Charles Voegele Holding AG says the Swiss clothing retailer plans to divest or close some shops in Germany and the Netherlands.

In an interview with weekly SonntagsZeitung, chief executive Daniel Reinhard said: "In Holland, 10 shops are affected this year, in Germany it's 15 to 18 shops in the longer term."

Last week Voegele, which has 780 shops across Europe, posted a 2002 net profit of 15.9 million Swiss francs versus 800,000 Swiss francs in the year-ago period.