France's La Redoute announces massive jobs slash to reduce losses

La Redoute, French mail order company, on Thursday unveiled its plan to cut 1,178 posts in four years as part of reconstruction scheme to boost profitability. According to Eric Courteille, chief administrative officer of Redcats, La Redoute's immediate parent and the firm's new owner, agreements for early retirement and voluntary redundancy plans should limit jobs cut below 672 forced departures in 2008. The last retail business of Kering, luxury and sports brand group, the French online retailer suffered 10 percent fall of its sales per year during the past six months due to fierce competition and aging logistic systems. With the joblessness rate at 10.9 percent and increasing disenchentement of disillusioned voters, La Redoute's plan of jobs slash will add more pressure on the government which is in perpetual battle to deliver on its promises to create more jobs and revive wane economy.