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El Corte Inglés to buy back Hípercor hypermarket chain
NATIONAL department store El Corte Inglés plans to reabsorb Hípercor hypermarkets, which started out life as part of the chain.
Spain's largest private-sector employer – currently with 91,690 members of staff plus those who work for brand-name concessions and who run into tens of thousands – El Corte Inglés says the acquisition is aimed at improving customer service and variety and keeping Hípercor stable financially.
Nobody will be made redundant – in fact, one of the reasons El Corte Inglés took back its old subsidiary company was to prevent possible job losses.
No other working conditions will change, except possibly for the better.
Hípercor will keep its historic brand name and corporate image, and its wide range of quality, cutting-edge produce will still be sold, although extra lines may be introduced as its former, and now future, holding company wants to promote and expand the grocery section.
Pooling resources and intra-company advertising in both stores will help increase efficiency, says group chairman Dimas Gimeno.
Hípercor's board and shareholders are said to be feeling positive about the handover, given that it will have the weight of Spain's most powerful non-public company behind it.
El Corte Inglés works regularly with over 31,000 suppliers, buying in excess of €12.6 billion in stock every year, meaning it serves as a huge motor for the national economy.
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