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Kingfisher to cut 400 jobs in France at Castorama, Brico Depot

Stock MarketsFeb 13, 2018 16:50
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© Reuters. Kingfisher to cut 400 jobs in France at Castorama, Brico Depot

PARIS (Reuters) - Kingfisher (L:KGF), Europe's largest home improvement retailer, said on Tuesday it planned to cut more than 400 jobs at its Castorama and Brico Depot units in France as it seeks to reduce costs amid weak sales.

Kingfisher, which is in the second year of a global plan to boost profit by 500 million pounds a year from 2021, made the announcement to staff representatives in France, where it employs over 20,000 people.

The plan, which is expected to cost 800 million pounds over five years to deliver, includes unifying product ranges and further developing e-commerce.

"This project would lead to 409 job cuts in France, the creation of 102 jobs and the transfer of 164 positions," the statement said.

In November, Kingfisher reported a third quarter like-for-like group sales decline of 0.5 percent, reflecting weak sales in France, where sales fell 4.1 percent.

Kingfisher to cut 400 jobs in France at Castorama, Brico Depot
 

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