The German group Ceconomy, mother of the electronics chains Media Markt and Saturn, wants to review its organizational structure in order to increase efficiency. In addition, up to 3,500 full-time jobs could disappear and loss-making businesses closed, Ceconomy announced on Wednesday.
The effects on our country with around twenty Media Markt branches are not yet known. The restructuring would have an impact primarily outside of Germany, the press release said. The chain employs 55,000 people worldwide.
Further details are expected on August 12th.
The restructuring will cost around 180 million euros, while reducing the annual costs by 100 million euros.