Netherlands-based retailer Ahold has said that it will close 21 loss-making Albert stores and one Hypernova hypermarket in the Czech Republic.

“The main reason behind this decision was to acquire finances for further investment into our remaining 280 stores,” spokesman for the Dutch retail chain Libor Kytýr told just-food.

Ahold has already modernised 45 of its 244 Albert stores and, according to Kytýr, the company aims to return to profit in the market in the near-term.

Kytýr added that Ahold is also looking for new locations to expand its retail network in the country.

The closure of the 21 supermarkets marked will come in two phases, on 1 June and 1 July.

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The Dutch company will also rebrand its 56 hypermarkets Hypernova under the Albert banner. Six hypermarkets have already been renamed.