Dia, the target of a public buyout offer by the Russian oligarch who is already its top shareholder, reported a net loss of 352.5 million euros (USD 399.3 million) for 2018.
The results were much worse than the expected 4-million-euro loss expected by analysts surveyed by data provider Factset. Dia's shares slumped 2.2 percent in morning trading in Madrid while the overall market was off 0.5 percent overall.
Dia said the job cuts would be negotiated with trade unions. Russian billionaire Mikhail Fridman's LetterOne investment fund, which became Dia's top shareholder in 2017 with a 29-percent stake, launched a public share offer to take over the company on Tuesday given its "serious financial difficulties".
Management problems have also plagued the firm. In December, it named its third chief executive in less than six months.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)