Vögele brand to exit east Europe

Charles Vögele Group, the Swiss-based retailer, is to withdraw its operations in Poland and the

Czech Republic in 2014, as the company restructures its country portfolio.

Chairman Hans Ziegler stated restructuring measures undertaken in Hungary "are beginning to show success… [and] will continue to develop positively."

Following the withdrawal from Poland and the Czech Republic, the company will continue its presence in Switzerland, Germany, Belgium, the Netherlands, Austria, Slovenia and Hungary.

In August, Charles Vögele said H1 losses more than halved to 21.4 million francs with improved margins offsetting a fall in sales.