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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 30 August 2012 [View all]xchrom
(108,903 posts)23. FRENCH RETAILER CARREFOUR TO CUT STAFF, WAGES
http://hosted.ap.org/dynamic/stories/E/EU_FRANCE_EARNS_CARREFOUR?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-30-06-32-49
PARIS (AP) -- Carrefour will have to cut staff and wages but won't retreat from its model of offering everything from vegetables to dishwashers under one roof, new CEO Georges Plassat said Thursday, as the French retailer announced as loss of (EURO)31 million ($39 million) in the first half.
Europe's largest retailer by sales has struggled in recent years, hit hard by the economic crisis but also flawed management that led to rising costs, higher prices and a now-abandoned plan to rebrand some stores as high-end. Plassat has been called in to turn around the operations - not the first time the company has tried to reverse course in recent years.
Known as "Georges the Cleaner" for his penchant for ruthless cost-cutting, Plassat did not disappoint Thursday at his first presentation of results as the company's chief executive. He promised to root out waste, to cut 500 to 600 jobs with a buy-out plan and to rethink compensation with an eye to reducing bonuses - all while drawing laughs from analysts and journalists for his biting if oblique references to the follies of his predecessors.
On the other hand, he vowed not to cede on what he called the raison d'etre of the company: providing one-stop shopping in large hypermarket stores. He repeatedly said the company needed to retrench and simplify in the areas where it has historically succeeded: providing low prices in big box stores that are generally outside cities.
PARIS (AP) -- Carrefour will have to cut staff and wages but won't retreat from its model of offering everything from vegetables to dishwashers under one roof, new CEO Georges Plassat said Thursday, as the French retailer announced as loss of (EURO)31 million ($39 million) in the first half.
Europe's largest retailer by sales has struggled in recent years, hit hard by the economic crisis but also flawed management that led to rising costs, higher prices and a now-abandoned plan to rebrand some stores as high-end. Plassat has been called in to turn around the operations - not the first time the company has tried to reverse course in recent years.
Known as "Georges the Cleaner" for his penchant for ruthless cost-cutting, Plassat did not disappoint Thursday at his first presentation of results as the company's chief executive. He promised to root out waste, to cut 500 to 600 jobs with a buy-out plan and to rethink compensation with an eye to reducing bonuses - all while drawing laughs from analysts and journalists for his biting if oblique references to the follies of his predecessors.
On the other hand, he vowed not to cede on what he called the raison d'etre of the company: providing one-stop shopping in large hypermarket stores. He repeatedly said the company needed to retrench and simplify in the areas where it has historically succeeded: providing low prices in big box stores that are generally outside cities.
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