STXNEWS LATAM-Brazil's Pão de Açúcar cuts founding families' expenses-report

Fri Nov 30, 2012 1:25pm EST

Related Topics

Grupo Pão de Açúcar SA's human resources committee recommended cuts to expenses for families of key minority shareholders, newspaper Valor Economico reported on Friday, underlining cost-cutting efforts since French group Casino Guichard Perrachon assumed control in July.

The committee suggested cutting 98 million reais ($46 million) of spending on security and transportation for the Diniz and Klein families, which founded Pão de Açúcar and home appliance unit Casas Bahia, Valor reported on its website.

Abilio Diniz, the company's chairman, is the son of Pão de Açúcar's founder. A spokesman said the company, Brazil's biggest retailer, does not comment on its committees' deliberations.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article