logo
Plus   Neg
Share
Email

Ceconomy May Cut Up To 3,500 Jobs

German consumer electronics retailer Ceconomy AG (MTAGF.PK,MTTRY.PK) said Wednesday that it is considering to close loss-making stores across Europe, due to drop in customer frequencies as a result of the COVID-19 pandemic. Up to 3,500 full-time jobs could be reduced outside Germany.

However, a decision on the implementation or the scope of the measures has not yet been taken. More details are expected on August 12, the company said in a statement.

The restructuring will cost about 180 million euros, but it would reduce annual costs by 100 million euros, the company said.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Macy's is offering a sneak peek of its Black Friday deals for this year, so that shoppers can get a head start on finding some of the best deals. The department store has unveiled its Black Friday deals that will be available next month across categories, including fashion, fine jewelry, tech, beauty, toys and home specials. Some of the deals will be available for as low as $5. Italy's antitrust watchdog has opened an investigation against Google for an alleged abuse of dominant position in the Italian market for display advertising. This refers to the space publishers and website owners make available for the display of advertising content. Shares of Deutsche Bank AG were gaining around 3 percent in German trading after the banking major reported Wednesday a profit in its third quarter, compared to prior year's loss mainly driven by strong Investment Bank revenues. Looking ahead, the bank said it remains on track to meet all financial and strategic targets related to its transformation plan.
Follow RTT