Carrefour Plans to Cut 2,400 Jobs, Invest $3.4 Billion

Retailer forms partnerships with Tencent, Chinese grocer
Carrefour targets 2 billion euros of cost savings by 2020

Locked shopping carts stand in a customer collection bay outside a Carrefour SA supermarket in the Rosny-sous-bois district of Paris, France, on Friday, Jan. 19, 2018. Carrefour's sales bounced back over the holiday shopping season, giving Chief Executive Officer Alexandre Bompard a boost as he prepares his turnaround strategy.Photographer: Marlene Awaad/Bloomberg

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By Robert Williams

January 23, 2018 at 7:31 AM UTC

Corrected

January 23, 2018 at 9:33 AM UTC

This article is for subscribers only.

Carrefour SA is forming a partnership with Chinese tech giant Tencent Holdings Ltd. and investing 2.8 billion euros ($3.4 billion) over five years in online shopping as Chief Executive Officer Alexandre Bompard seeks to fend off Amazon.com Inc.

A sweeping overhaul announced Tuesday will result in 2,400 job cuts at its French headquarters, the Boulogne-Billancourt, France-based retailer said in a statement. Carrefour plans to sell 273 former Dia stores and reduce the size of its sprawling French hypermarkets. The shares rose as much as 6.6 percent early Tuesday in Paris.