In January, Iceland announced plans to create 2,500 jobs, after adding 51 former Woolworth sites to its 663 stores. This was the latest chapter in Iceland’s turnaround story, which began in 2005 when the Icelandic investor Baugur and the original founder Malcolm Walker took the loss-making frozen-food retailer off the stock market. Though Iceland is mainly known for selling frozen food, its best-selling products are milk and bread. Over the past four years the company’s losses have been turned into sizeable profits, helped by a reduced product range and high-profile sponsorship of the reality television show I’m a Celebrity, Get Me Out of Here. Sales climbed to £2,081m in 2009.
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