Supermarket Chain Spar to Cut 1,000 Jobs | Business| Economy and finance news from a German perspective | DW | 14.10.2004
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Supermarket Chain Spar to Cut 1,000 Jobs

Spar, the German food supermarket chain belonging to French group ITM, said Thursday it planned to cut 1,000 jobs in its wholesale division, which had a total workforce of some 3,600. The job cuts were part of a €70-million ($85-million) cost-cutting program aimed at returning the division to profit next year. "We realize the planned measures will once again bring wide-reaching changes for Spar and its employees," company Chairman Stephan Schelo said. "It will be painful for many workers and their families however, there is no alternative." After suffering losses this year, he said the company hoped to once again have positive balance sheet in 2005.