Ceconomy's Media-Saturn-Holding Cuts 600 Jobs
25 Juli 2019 - 4:20PM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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