ZURICH (REUTERS) - One of Switzerland's two big supermarkets, Coop, is to stop selling titles such as German magazine Der Spiegel, the German-language edition of Vogue and a Mickey Mouse comic because it says local distributors have not cut prices after a currency surge.
The Swiss central bank's decision on Jan 15 to end a cap on the value of the currency at 1.20 Swiss francs per euro sent the franc skyrocketing and led to fears for Switzerland's export-reliant economy.
Coop said it had cut prices on more than 10,000 items since the middle of January after asking foreign suppliers to pass on currency gains to customers.
But the cooperative said Swiss distributors of some magazines from the euro zone had not complied with the request and it had decided to stop selling their publications. "Our customers do not accept this with good reason," Coop's vice chairman and head of marketing and purchasing Philipp Wyss said in a statement on Monday. "With the sales ban, Coop wants to set an example that we will not tolerate this any longer."
7Days Media Services, distributor for the German-language publications according to a Coop spokesman, did not immediately respond to a request for comment. A spokesman for Naville, which distributes titles in French-speaking Switzerland, declined to comment.
Coop posted a full-page advert in Swiss Sunday newspaper SonntagsZeitung saying: "Stop exchange rate profiteers."
The advert, which urges "Price fairness for our customers!", shows logos for publications including French weekly magazine Paris Match and French lifestyle magazine Gala crossed out in red and reads: "Until further notice, no longer in stock".