Coop announces closure of 54 stores in rescue plan

In a major financial rescue plan, the Danish supermarket chain Coop is saying goodbye to 54 of its stores, with 19 being closed and 35 sold off. This plan will result in the layoff of approximately 170 employees. Coop is also in negotiations to sell more stores and may close additional locations if rent negotiations with landlords throughout the country are unsuccessful. The move follows the approval of a billion-kroner deal by the Competition and Consumer Authority between Coop amba and the energy company OK, which allows OK to take over half of the ownership of Coop Denmark and a determining influence. In this deal, OK and Coop amba will jointly inject two billion kroner into Coop Denmark. CEO Thor Skov Jørgensen emphasizes focus on simplicity and adjustments for profitability, acknowledging that too many of its stores are unprofitable without the prospect of improvement. Coop.dk, the online store, is also set to close next year.