The chief executive of Spanish retailer DIA, Karl-Heinz Holland, has called for "every single employee" across the group to "work hard and contribute" to the future success of the group.
Holland made the announcement after DIA announced that it has completed its €605 million capital increase, which the group said was 'one more successful step' in strengthening its capital structure.
'Turnaround Journey'
The chairman of DIA, Stephan DuCharme, thanked investors for supporting the business "on our turnaround journey", adding that it indicates investor confidence in the business' future.
"It is, without a doubt, a demonstration of confidence that the markets have for our vision, in which we all firmly believe and are fully committed to making a success," he said.
"The Board of Directors has full confidence that the CEO, Karl-Heinz Holland, and his entire team will carry out the transformation that DIA needs to create a differentiating and value-added offer for our customers."
Echoing his call, Holland added, "All of us who are building DIA must be totally focused on the recovery and turnaround of the Group. It is now for every single employee in the different areas of DIA and across all our markets who must work hard and contribute with our experience, knowledge and responsibility to the future success of DIA."
L1 Retail
Following the capital increase, the company said that it will now be able to focus on the business' turnaround, with the confidence of L1 Retail, DIA's reference shareholder.
The retailer said that over the next three to four years, the business will focus on improving operations and 'developing a modern proximity concept that is sustainably profitable and makes a valuable contribution to the evolution of Spanish food retail'.
DIA announced a refinancing agreement with lenders in June of the year, at a time when the retailer was said to be near to collapse.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
