German retail giant Metro has announced plans to step up its restructuring programme at its underperforming Extra food stores division in order to improve earnings.
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“These measures will lead to a significantly improved earnings situation over the medium term,” the company was quoted by Reuters as saying.
Metro said the changes would result in Extra having 400 stores sized between 1,000 and 4,000 square metres, while up to 70 stores with less than 1,000 square metres of selling space would be disposed to franchises.
The retailer said it expected cost savings of a “low double digit million euro amount”, reported Reuters.
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