Carrefour to shut, 800 employees to be hit
Carrefour, which on late Monday announced its much-anticipated exit from India, has decided to shut its five wholesale stores here after the French retailer failed to find any buyers for them, sources with knowledge of the matter said. The closure will affect more than 800 employees of the company which opened its first cash-and-carry outlet in Delhi's Seelampur area about four years ago. Carrefour has been looking to sell the stores after it failed to forge an alliance with Bharti Enterprises in May. It had hired KPMG to scout for buyers. "We are stopping the operations of the stores. We are not selling them right now, but closing them," said one of the sources.
Read the Economic Times news report here.