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June 28, 2017

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New chief exec, cutbacks ahead for struggling electronics retailer Darty

Struggling electronics retailer Darty PLC said Chief Executive Thierry Falque-Pierrotin would step down and announced cost cuts to placate investors losing patience with falling sales and a flagging stock price.

The company, formerly known as Kesa, said it was a right time to hand over to a new person and that it had begun a search for Falque-Pierrotin's successor.

Darty said it is targeting cost savings of at least 20 million euros per year as part of its ongoing strategy review aimed at cutting losses at some of its developing businesses.

The company, which sold its loss-making British business earlier this year, expects to complete the review by December.

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