Fakta, the discount supermarket chain operated by COOP, will be modernising 150 of its stores and closing 20 of them across the country.
COOP’s financial statement for 2015 isn’t due out until the spring, but company head Jan Madsen has revealed that Fakta stores are losing money.
“Although Fakta is doing better, it is still losing money,” Madsen said. “There will not be great results in either 2015 and, due to investments, 2016 will only be marginally better.”
Change doesn’t come cheap
The company is fast-tracking improvements that include new products and redesigned interiors in 150 stores this year.
The modernisation and closure costs are expected to cost COOP 300 million kroner in 2016.
READ MORE: COOP closing stores across the country
Fakta is one of the country’s largest discount chains with 9,000 employees, approximately 440 stores and a turnover of over 10 billion kroner annually.
