French retailer Carrefour to cut stores, jobs in re-orientation

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Struggling giant French retailer Carrefour, one of France’s biggest private-sector employers, has announced it is to close a large number of its mega-stores and a sell-off of its Dia chain, with a restructuring towards online business, organic retailing and a partnership in China.

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Carrefour is to cut jobs, boost ecommerce investment and seek a partnership in China with Tencent in the face of competition from Amazon, sending its shares higher after the announcement on Tuesday, reports Reuters.