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Updated on May 15, 2020, 5:05 p.m.
Clearcut at Galeria Karstadt Kaufhof: The department store chain plans to close up to 80 of its 170 stores. Several media report this unanimously.
According to media reports, the department store group Galeria Karstadt Kaufhof plans to close up to 80 of its 175 branches in Germany.
The “Wirtschaftswoche” reported that the concept of reorganization, which was presented to the company’s general works council on Friday, cited corporate circles. The “Spiegel” also reported the planned closure of 80 branches, citing insiders.
The number of closings could be reduced.
The number of closings could be reduced if owners and other participants were willing to make concessions, the “Wirtschaftswoche” reported. However, according to the report, experts expect the company to cut around 5,000 full-time positions.
“The measures proposed in the draft restructuring plan can hardly be beaten in terms of cruelty and a general attack on all employees,” according to “Wirtschaftswoche” in a message from the general works council, without going into hard numbers. The restructuring plan presented had yet to be coordinated and approved. “However, it is more than clearly recognizable what extremely serious cuts are planned.”
The department store group is currently preparing for its reorganization in a so-called protective shield procedure, which it filed with the competent district court in Essen in early April. In the Corona crisis, the company has already sought government help and introduced short-term work. (mgb / afp / dpa)
