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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.

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