Kaufhof plans 2,600 job cuts after weak Christmas sales
today Jan 25, 2019
German department store chain Kaufhof is to cut 2,600 full-time jobs in the wake of its merger with Karstadt, Signa Holding, one of the company's owners, said in a statement on Friday.
Kaufhof is owned by Canada's Hudson's Bay Co and Austria's Signa Holding.
The statement said the cuts were needed as part of a restructuring to cut costs following weak Christmas sales.
Reuters reported earlier this week that Kaufhof may have to cut costs after sales fell over the Christmas period.
German regulators approved a merger of Kaufhof with rival chain Karstadt in November, creating a group with 243 department stores in Germany, Belgium and the Netherlands, 32,000 employees and annual sales of 5.4 billion euros (4.7 billion pounds).
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