Fnac to dismiss 168 employees and to close store in Paris

French entertainment and electronics retailer Fnac, owned by PPR, has announced plans to dismiss 168 employees in Paris and to close one store in Paris, at the Place de la Bastille, by the end of 2009. The store was the smallest in Fnac's network in the country and specialised in CDs. The retailer said the outlet was too small to offer a comprehensive product range. The move follows PPR’s unveiling of a three year recovery plan including savings of EUR35 million (USD47 million) in February. Cost-cutting measures at Fnac could affect all areas, but plans included 400 job cuts, including 200 in Paris, 50 at Fnac's headquarters and 150 throughout the rest of the country. According to the retailer, there are no further plans for store closures.

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