Retailer Darty plans job cuts, sells business in Czech Republic, Slovakia
Electronics retailer Darty plans to cut costs in its core French market to cope with the weaker economy, which could entail job cuts but no store closures, its new chief executive said on Tuesday. Regis Schultz, who joined as CEO on April 23, said Europe’s third-largest electronics and appliance retailer behind Media-Saturn and Dixons Retail is not up for sale, Reuters reported. Darty, which has more than 450 stores in Europe, has sold loss-making operations in Spain and is focusing on its core markets of France, Belgium and the Netherlands. Darty is looking to sell its operations in the Czech Republic and in Slovakia, but has set no timetable for the sale. The retailer had an annual turnover of nearly €4 billion in the previous year. Earlier this month it reported a 0.8% fall in like-for-like revenue in the fourth quarter, including a 2.7% decline in France.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.