The food chain Kiwi is finished in Denmark. The owners have lost the belief that the 103 stores will make a profit, the Danish grocery group Dagrofa writes in a press release Friday.
In December of 2007, Norgesgruppen entered a letter of intent with Dagrofa, and the following year the chain was launched in Denmark.
Kiwi has 103 stores throughout Denmark. 30 of the stores are going to be revamped as either Spar or Menu, while the rest will be shut down. This is going to happen over the next few months.
The closure means that 1,600 employees will lose their jobs, while another 800 employees will be transferred to other stores owned by Dagrofa.
The closure has been a tough decision to make, says CEO Per Thau.
– But we must admit that it has not been possible to get a firm footing in a low-cost market place characterized by fierce competition and lack of revenue, he stated in a press release.
Source: NTB scanpix / Norway Today