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METRO Group Initiates Comprehensive Restructuring of its Extra Food Store

11.04.2003

METRO Group Initiates Comprehensive Restructuring of its Extra Food Store

METRO Group initiates a comprehensive restructuring of its Extra Food Stores division. The responsible corporate bodies have agreed on the restructuring program. The measures include a reinforcement of the store network optimization as well as streamlining the administrative structures of Extra. Following recent changes in Extra’s management board, METRO Group now makes the next important step in repositioning its Food Store operation. The Extra store portfolio will then comprise a total of around 400 locations with selling spaces from 1.000 up to 4.000 square meters. These measures will lead to a significantly improved earnings situation over the medium term.

Some 20 Extra stores with selling spaces of more than 4.000 sqm will be integrated into the Real hypermarket network. Target is to raise these stores’ profitability significantly through implementation of Real’s successful hypermarket concept.

Up to 70 stores with selling spaces of less than 1.000 sqm will be disposed to franchisees. The franchise store network under the brands Bolle and Comet will then comprise some 140 stores. Furthermore approximately 20 Extra stores, which do not fit into the Extra store network, will be disposed successively.

In the remaining Extra stores, the implementation of the new marketing concept will be continued to further improve the store network’s quality. Focus will be on the continuous improvement in the fresh food assortment, strengthening the nonfood expertise as well as further improving the concept execution in the stores.

Furthermore the Extra’s administrative structures will be streamlined. Overhead functions such as controlling, accounting and internal audit will combined and integrated into the respective departments at Real. The regional structure at Extra will be simplified and adapted to Real’s. These measures will lead to cost savings in the area of a low double digit million Euro amount.

Managing the Brand and the operating business will remain subject to the responsibility of Extra.

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