Ceconomy's Media-Saturn-Holding Cuts 600 Jobs

Datum : 25/07/2019 @ 16h20
Quelle : Dow Jones News
Name : Ceconomy AG (CEC)
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Ceconomy's Media-Saturn-Holding Cuts 600 Jobs

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   By Kim Richters 

Ceconomy AG's (CEC.XE) subsidiary Media-Saturn-Holding GmbH said Thursday that it will cut 600 jobs at its headquarter in Ingolstadt and its office in Munich, Germany.

The company, known for its electronic retail brands and stores MediaMarkt and Saturn, said it employs a total of 3,500 people at the two affected sites.

The layoffs won't affect employees in the retailer's stores, the company said, but instead focus on the administrative units. Media-Saturn-Holding said it employs 60,000 people world-wide.

The job cuts are part of an overhaul that the retailer's parent company Ceconomy announced in April this year and that aims to streamline operations and cut costs.


Write to Kim Richters at kim.richters@wsj.com


(END) Dow Jones Newswires

July 25, 2019 10:05 ET (14:05 GMT)

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