Carrefour to shut Singapore stores by year-end
SINGAPORE, Aug 28 — French supermarket operator Carrefour said on Tuesday it will shut its two stores in Singapore by the end of this year, two years after it unsuccessfully tried to sell its operations in Singapore and Malaysia.
As Carrefour's new chief executive seeks to cut costs and turn around the company, it could unveil between 500 and 600 job cuts in France, unions said on Saturday.
"Carrefour Singapore announces the decision to close its Suntec and Plaza Singapura stores before the end of 2012 since expansion and growth perspectives do not allow reaching a leadership position in the medium and long term," Carrefour Singapore said in a one paragraph statement.
Carrefour announced the sale of its Thai operations to French rival Casino in November 2010 but called off plans to divest its Singapore and Malaysian outlets because the bids received were too low, sources had told Reuters. — Reuters