Metro says 15 former Wal-Mart outlets in Germany set to close
dpa German Press Agency
Friday December 29, 2006
Dusseldorf, Germany- Germany's biggest retailer, Metro,
said Friday it would close 15 of the loss-making former Wal-Mart
hypermarkets it took over earlier this year from its US rival.
Wal-Mart, the world's biggest retailer, bowed out of the German
market this year after cut-throat competition and German shoppers'
fondness for cheap food defeated it.
Dusseldorf-based Metro declined to identify which stores would
close, saying it first had to speak to 1,200 staff who would lose
their jobs and to labour leaders about compensation. Metro said it
would seek new tenants for the empty properties.
© 2006 - dpa German Press Agency