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Dia removes up to 2100 of its staff

The losses are heavy. The Spanish retail group Dia announced Friday that it has lost 352.5 million euros in 2018, when its largest shareholder, Russian magnate Mikhail Fridman, decided to take control of it to try to get the company out of risk.

This result is much worse than the analysts stated, who expected an average loss of 4 million euros. Turnover is also down, from 8.2 billion in 2017 to 7.3 in 2018. In the wake of these announcements, the group has announced plans to cut up to 2100 jobs.

The social plan still needs to be negotiated between the trade unions and Dia, which at the end of 2017 employed around 42,000 people worldwide. “2018 was a year of turbulence for Dia, probably the most difficult since the company’s founding more than 40 years ago,” the group said.

Dia’s tumble on the stock market had resulted in being excluded from the Spanish benchmark index Ibex 35, and the downgrades of its serial rating by rating agencies. The group also faces this year a debt maturity of more than 300 million euros. In December, Dia appointed its third executive director in less than six months.

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