MediaMarkt and sister chain Saturn are going to slim down considerably. In the long term, 3,500 of the more than 47,000 jobs will disappear. Loss-making stores may be closed.
The parent Company Ceconomy is investigating the scrapping of up to 3,500 full-time positions at the two retail chains, the group announced on Wednesday in Düsseldorf.
Jobs must also disappear outside Germany. It is not known whether this also refers to the Netherlands. The company employs around 55,000 people worldwide. About 4,500 people work at MediaMarkt in the Netherlands.
Like many companies, the physical stores had to close as a result of the virus outbreak.
For the third quarter that ran until the end of June, the group is expecting a negative operating result of 43 million euros.
Another factor is that Ceconomy strives for a uniform more central organizational structure, making jobs redundant.Ceconomy wants to standardize the corporate structure and thus save 100 million euros a year.
A decision will be taken on August 12 on the implementation and scope of the measures. The final quarterly figures are released a day later.