ITALY: THE GS GROUP RESTRUCTURES

Article Abstract:

GS, the Italian group, has reorganised its structure, following the consolidation of the Italian operations of the French group Promodes within GS in autumn 1998. This reorganisation especially involves the transfer of the financial holding company to Luxembourg, the consolidation of GS' commercial and real estate operations to Commerciale Immobiliale Atena, which is totally owned by GS, while coordination will now be provided by Gruppos GS, the new holding company. Promodes now has three seats on Gruppo GS' ten-member board of directors, and holds a veto right over strategic decisions. Promodes has a 36% stake in GS, which is to gradually increase in order to reach nearly 100% in 2001. Thanks to the consolidation of Promodes operations, GS now represents FFr 29bn, compared with FFr 19bn in 1997, for a total of 740 stores and 16,000 employees.

Italy, Organizational history, Grocery Stores, Supermarkets and Other Grocery (except Convenience) Stores

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LUXEMBOURG: LECLERC PROJECT FALLS FLAT

Article Abstract:

Leclerc's plan to put a 14,000 square metre hypermarkets at the border town of Sanem in Luxembourg will not be carried out. This project has run into opposition from the Luxembourg Minister of Middle Classes and legislation limiting big stores in Luxembourg. Therefore Leclerc is demanding Eur 6.69mn in damages, proportional to the commercial loss over three years, as well as the reimbursement of Eur 300,000 in costs undertaken.

Strategy & planning, Government regulation (cont), Luxembourg, LeClerc

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