Carrefour to cut jobs, close stores in Belgium

Carrefour, the world's No. 2 retailer, said it would cut jobs and close stores in Belgium to restore profitability in the country amid intense competition from local rivals.

The plan calls for cutting 1,672 jobs and closing 21 stores in Belgium by end-June, Carrefour Belgium said in a statement on Tuesday.

Belgian newspaper Le Soir, on its website, called the plan a "social earthquake"while Rudy Demotte, the head of the Southern French-speaking region of Wallonia, said it was a "new shock"for the group's staff.

Carrefour maintained that the changes were needed to fix the Belgian operations, which it called "structurally loss-making."