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BREAKING NEWS

Swedish retailer Clas Ohlson to close stores in UK, Germany

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(Reuters) – Swedish budget retailer Clas Ohlson <CLASb.ST> said on Wednesday it would close its stores in the UK and Germany as it reported a 74 percent slump in its second-quarter operating profit.

The company’s quarterly operating profit fell to 33 million Swedish crowns (2.88 million pounds) from 125 million Swedish crowns a year earlier.

(Reporting by Marta Frackowiak in Gdyni; Editing by Amrutha Gayathri)

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