A drop in profits is forcing to the Channel Islands' largest retail group to cut management and administration costs.
Two Guernsey-based managers working for CI Traders have been made redundant and a total of eight people working for the group have lost their jobs.
The move has been sparked by a drop in profits revealed in the company's interim results published on Friday.
The company trades in Guernsey, Jersey, France and the UK.
Latest figures from the company show while turnover is up by more than 4.5%, profits are down on the same period.
It blames competition, falling demand and higher interest rates.
Profits on the retail side went up by more than 5.5% while a decline in its Guernsey pub business was offset by improved turnover in its local restaurants.
Home
~RS~q~RS~~RS~z~RS~42~RS~)
BBC NEWS CHANNEL
News services
E-mail this to a friend
Printable version
