ISRAEL: Blue Square-Israel to cut jobs, close stores
Israeli food retailer Blue Square-Israel has announced that it is implementing its "efficiency plan", which includes cutting jobs and closing unprofitable stores.
As a result, Blue Square said it expects to record in its financial statements for the third quarter to 30 September, a reserve for a write down in the value of assets and a reserve for the dismissal of employees. The effect of this plan on the net income of the company is expected to be NIS32-38m (US$7.1-8.5m), Blue Square said.
Blue Square currently operates 165 supermarkets in Israel under different formats.
The retailer posted a loss for the second quarter, due in part to rising unemployment, lower disposable income of consumers and stronger competition.
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