By  on February 24, 2010

PARIS — Citing worsening market conditions, Carrefour Belgium, a subsidiary of Carrefour SA, the world’s second-largest retailer, on Tuesday revealed plans to shutter 21 stores in Belgium. At stake are some 1,672 jobs.

Carrefour outlined plans to develop its franchise business to help bail out certain hemorrhaging stores and to contribute 300 million euros, or $408 million at current exchange, over three years toward the remodeling of existing stores in line with new retail concept developments, including online initiatives.

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