Carrefour revamps operations with job cuts, China deal

France's Carrefour group said Tuesday it is overhauling its business in a transformation plan involving thousands of job cuts, a product revamp and new partnerships in China.

Carrefour, which was the world's second-biggest retailer at the start of the century after US giant Wal-Mart, has since slipped to ninth position, according to the Deloitte consultancy, having been overtaken by the likes of Amazon and Costco.

"Carrefour has not sufficiently developed with its customers," CEO Alexandre Bompard told a news conference.

Some 2,400 jobs will be cut in Carrefour's French operations via voluntary redundancies, the group announced.

Many of the cuts will be made at Carrefour's 12 French headquarters, which total 10,500 employees and are, according to Bompard, staffed "out of proportion" compared to its competitors.