Carrefour to Close its Five Stores in India

French retail giant Carrefour is shutting down its five cash and carry stores in India by end of September.

The retailer has been operating in India since 2010.

In a statement today, the company announced its "intention to close its five cash and carry stores in India".

"The closure of Carrefour's business in India will be effective at the end of September 2014.

"Until that time, the company will continue to be fully engaged with all its employees, suppliers, partners and customers to ensure a smooth transition," the statement said.

The company has wholesale cash and carry stores in Delhi, Jaipur, Agra, Meerut and Bangalore, as per its India website.

Carrefour Group is the second-largest retailer in the world, having 365,000 employees. With more than 10,100 stores in 34 countries, it generated revenues of 100.2 billion euros under banners in 2013, according to its website.