Just Eat Takeaway.com, Europe's largest meals delivery company, said on Wednesday it would restructure its operations in France and cut 390 jobs, citing 'challenging market dynamics'.
In an e-mailed statement, a spokesperson for the company said the move was part of the loss-making company's attempts to improve profitability and would affect around 350 couriers and 40 office staff.
'The strategic restructuring will consist of redundancies of staff in the Paris office and changes in the operations of our delivery business,' they said.
Although Just Eat is the largest meals company in Europe as a whole, in France it lags behind Uber Eats and Deliveroo, which cut its 2022 sales forecasts on Monday.
Shares in Just Eat, which have lost two-thirds of their value this year, jumped nearly 10% on the news to €16.45.
In a note, HSBC said the move was a "sign of further market repair and discipline that should underpin confidence in the [company's] move towards breakeven and profitability.
In March 2022, Groupe Casino and Just Eat France entered into a partnership to offer French consumers 30-minute food deliveries in Paris, Lyon, Marseille, Toulouse, Nice and Bordeaux.
The partnership includes all Casino's food banners, including Franprix, Monoprix, Vival, Le Petit Casino and La Nouvelle Cave, with shoppers able to choose from a selection of 400 SKUs.
Last month, Just Eat Takeaway.com announced plans to increase the commission it charges restaurants for its services by around one percentage point in most European markets.