[ad_1]
THE WHAT? One more German division retailer is in bother, with Galeria Karstadt Kaufhof having introduced it’s to shut 40 p.c of its retailers, an announcement that comes simply months after it filed for insolvency safety for the second time, based on a report by AP Information.
THE DETAILS The chain will shut 52 of its 129 shops throughout two phrases in June 2023 and January 2024.
The remaining shops will probably be rejuvenated over the subsequent three years and tailor-made to native wants.
Some 4000 workers will probably be affected by the closures, with an additional 300 jobs to be minimize on the Essen headquarters and departments corresponding to IT and facility administration.
THE WHY? The continued difficult financial circumstances in Germany had been cited as a motive for the closures, in addition to ‘native circumstances’ and ‘intensive negotiations’ with landlords and metropolis authorities.
[ad_2]
Source_link
