Dutch-based retailer Ahold said operating losses plunged 53% for the first nine months of the year as it battled accounting scandals and loss of consumer confidence.

Ahold posted a group earnings loss of 857m euros from operations such as its Albert Heijn stores in Holland and the Stop & Shop chain in the US.

Ahold said its third quarter operating profit before impairment, goodwill and exceptional losses fell 66% to 180m euros.

The group plans to restructure operations at Albert Heijn with the loss of 440 jobs as operating income in the third quarter “decreased significantly”.

Chief financial officer Hannu Ryöppönen blamed “slippage of operating income in our US retail operations and an increase in operating losses at USFoodservice", while “operating income in Europe declined primarily due to a decrease at Albert Heijn”.

Ahold will ask shareholders today to approve a move to raise 3bn euros through a new share offer set an offering price of 4.83 euros per share.