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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.
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(END) Dow Jones Newswires
July 25, 2019 10:05 ET (14:05 GMT)
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