French entertainment retailer Fnac, which leads music sales in France, has announced the closing of its only music-dedicated store in Paris, located on the Bastille place, effective by the end of 2009.

The 60 employees will all be offered jobs in the 25 remaining Fnac stores in the Paris area (seven in Paris itself), the company says.

This decision is part of a global expense-cutting plan unveiled on Feb. 18, aiming at €35 million ($43.9 million) yearly savings with 400 jobs cut in France overall, corresponding to 3.4% of its staff.

Overall, 168 jobs will be cut in Paris stores as part of the plan, although Fnac intends this to be implemented as part of the natural turnover of staff.

In 2008, Fnac generated €4.59 billion ($5.76 billion) turnover worldwide - stable compared with 2007 - of which 17% came from CD and DVD sales.

A Fnac spokeswoman insisted the company was not getting out of music, stressing that a new 'center of excellence' strategy was currently being fine-tuned.

Besides the catalog they currently sell, some Paris stores would focus on a specific music genre, with a more in-depth catalog available and an enhanced expertise from in-store employees. Fnac Ternes would for instance be focusing on classical repertoire, while Fnac Forum would be highlighting international pop, jazz and electro.