MAJOR job cuts announced after BIG losses at supermarket chain

SEVERAL THOUSAND jobs are to be cut at a Spanish supermarket chain after it announced a loss of €352 million.

The company crisis at DIA will lead to the dismissal of 2,100 workers in Spain after a decrease in sales of 11.3 per cent in 2018.

DIA is in the middle of a restructuring process after losing 90 per cent of its market value in the last twelve months.

The retailer has struggled and lost market share over the last few years as the end of the economic slump saw customers turn away from the discount supermarket chain.

The company has around 42,000 direct employees between Portugal, Argentina, Spain and Brazil.

Share prices have however recently risen 57 per cent after Russian tycoon Mikhail Fridman made a €300 million takeover bid valuing the group at more than €400 million.

Investment group Letterone, headed by the businessman, said it will offer 0.67 euros per share for the 70 per cent that it doesn’t already own.

Russian tycoon launches €300m bid for struggling supermarket chain in Spain