Carrefour to shut stores, lay off 500

Nearly 500 people will lose their jobs at four Carrefour hypermarkets when the company closes them on September 18.

The French-based group pointed to difficulties finding sites big enough to expand its business. 'We're committed to helping dependents find alternative sources of employment,' said managing director Bernard Rolland.

Carrefour will lay off about 490 employees, according to the Labour Department. Unnamed investors will reportedly take over the store leases.

Carrefour has operated in the SAR since 1997. It has 22 stores on the mainland, 23 in Taiwan and 12 in South Korea, and has a presence in other Asian countries.