Carrefour will close the doors on its Singapore stores this year as it moves to exit non-strategic countries with hopes of freeing up cash to cut its debt and damage to its fledgling European business.
According to Reuters, the world’s second largest retailer has announced it will close both of its Singapore hypermarkets by the end of the year, "since expansion and growth perspectives do not allow reaching a leadership position in the medium and long term".
Carrefour employs nearly 400 people across its Singapore operations, with a market share beneath 2 per cent.
The news comes just days before Carrefour prepares to unveil its recovery plan at its first-half results on 30 August.
Related Tags:carrefour, singapore, close, shut, operation, france, retail, loss, debt, hypermarket, supermarket, food, Singapore Store