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Technology electronics retailer: clear cut at MediaMarkt and Saturn: 4,000 jobs are to be cut

15:55  05 august  2020
15:55  05 august  2020 Source:   stern.de

Only today: For selected Samsung products, Saturn is currently giving you VAT - the Galaxy S20 is also included

 Only today: For selected Samsung products, Saturn is currently giving you VAT - the Galaxy S20 is also included © provided by Business Insider Germany © provided by Business Insider Germany Disclaimer : We are looking for products for you, which we believe you will like. The selection is subjective, but editorially independent. We have affiliate partnerships, i.e. if you make a purchase using a link marked with an asterisk, we get a small commission.

German consumer electronics retail chain MediaMarktSaturn, which is owned by Ceconomy, plans to cut 600 jobs in Media- Saturn -Holding (MSH) shareholder Ceconomy is in talks with Convergenta Ceconomy, the owner of retailers Media Markt and Saturn , reported a continued fall in results for its

Ceconomy ( MediaMarkt and Saturn ) has appointed a new CEO (Jörn Werner) and a new CFO Ceconomy, the owner of electronics chains MediaMarkt and Saturn Before that, he was at the helm of competing electronics retailer Conrad, where he was in charge of the company's strategic review.

Die Elektronikläden der Ceconomy - dazu gehören Media Markt und Saturn - stehen vor einem großen Umbruch. © Picture Alliance / Bildagentur-online / Schoening / Ceconomy's electronics stores - including Media Markt and Saturn - are facing a major upheaval.

Media Markt and Saturn are the largest electronics retailers in Europe. But recently the company presented bad numbers several times. Now up to 4,000 people could lose their jobs.

Anyone who needed a new laptop for their studies, a more powerful vacuum cleaner or just a new DVD for a movie evening with friends, went to Media Markt and Saturn for a long time. The two electronics store chains dominated the boulevards and shopping malls for decades. But the large branch network, once the big plus, became more and more of a burden in the age of online shopping. Ceconomy, the parent company of the two brands, was already in a crisis in 2018, and the executive position was vacated several times as a result.

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The MediaMarktSaturn Retail Group is Europe’s leading commerce company for consumer electronics and related services. Apart from fronting the MediaMarkt and Saturn brands, which comprehensively network their more than 1, 000 bricks-and-mortar stores (including 430 in Germany) with online sales

of MediaMarkt Saturn Retail Group, spoke to WeAreDevelopers about the digital transformation of MediaMarkt Продолжительность: 2:51 Media - Saturn SPACELAB Tech Accelerator Recommended for you. Hunderte Media - Saturn -Mitarbeiter zittern um ihre Jobs | n-tv - Продолжительность: 1:42

4000 employees should leave

That was also of little use: As the "Spiegel" reports, the holding company Ceconomy is planning extensive staff cuts. Up to 4,000 full-time positions are to be cut. According to the media report, differently structured management teams in the national companies are to be standardized. In this way, up to 3,500 jobs should be lost - that would be the lion's share of the cross-off list.

+++ Also read: Smaller branches and more fun shopping: The heads of Media Markt and Saturn explain how they want to save the electronics stores +++

Another 500 jobs are to be cut by closing around 20 unprofitable branches . It is not currently known what it is. The supervisory board will meet next week on August 12th, when the savings plan will be approved.

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Ceconomy, the holding owning electronics chains MediaMarkt and Saturn , has had a bad year: after CEO Pieter Haas' departure in mid-October, now financial director Mark Frese also quits. Turnover and profit went down. The results Ceconomy announced on Wednesday are not exactly favourable: the

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. Stocks mentioned in the

According to its own statement, MediaMarktSaturn generated net sales of around 21.5 billion euros with around 55,000 employees in the 2018/19 financial year.

Corona as a coffin nail for retailers

Even before the corona pandemic, things didn't go well for Media Markt and Saturn, but the intermittent store closings in the course of the shutdown exacerbated the problems. This is also evident at other retailers: The department store chain Galeria Kaufhof - which was also deep in the red in 2019 - is currently closing 50 branches, 6,000 people are losing their jobs. Originally even up to 80 branches were supposed to be closed.

Source: Spiegel

Find out more:

Electronics retailer: Business is bad for Media Markt and Saturn

Companies in crisis: The heads of Media Markt and Saturn explain how they want to save electronics stores

Disastrous figures: Electronics retailers in the Crisis: Saturn and Media Markt boss has to go

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President Donald Trump is heading into the general election with the worst jobs numbers of any president, based on records that go back to World War II. © Win McNamee/Getty Images U.S. President Donald Trump walks into the briefing room to speak at the White House on August 31, 2020 in Washington, DC. President Trump spoke on several topics including unrest in Kenosha, Wisconsin and Portland, Oregon. (Photo by Win McNamee/Getty Images) That's not going to change in the two months between now and Election Day, no matter how the economy does.

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