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Dixons confirms to exit Spain, 1,200 jobs to go

Source: Reuters - Thu 14th Apr 2011

Europe's No.2 electrical goods retailer, is closing its 34 loss-making stores in Spain shedding around 1,200 jobs.

The British group, which said last month it was looking at exiting Spain as it issued a profit warning, said on Thursday it made the decision to close its PC City stores in the country as a result of a continued weak consumer environment.

"The management committee of PC City has informed the employee representatives about the decision in order to start appropriate actions for the compulsory redundancy scheme which will be submitted to the relevant Spanish Labour Authority," it said in a statement.

"Management will also look for solutions that secure employment for as many employees as possible."

At 0710 GMT, shares in Dixons, which runs Currys and PC World stores in Britain, were up 1.2% at 12.31 pence, valuing the business at about 440 million pounds.