The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Trade, Except Of Motor Vehicles And Motorcycles 47 - Retail trade, except of motor vehicles and motorcycles
3,000 jobs Number of planned job losses
Announcement Date
26 July 2011
Employment effect (start)
26 July 2011
Foreseen end date
31 December 2011
Description
German chain of electronic retail stores Media-Saturn has announced to cut 3000 jobs until the end of 2011. The majority of the redundancies will take place through natural fluctuation of personnel.
The group Metro announced that its Media-Saturn division booked an operational loss of 44 million Euros during the second quarter of 2011. To counter the negative operational results, Media-Saturn is now investing strongly in e-retailing. By 2015, the group aims to become the main European online electronics retailer.
Sources
27 July 2011: Welt
Citation
Eurofound (2011), Media-Saturn, Internal restructuring in European Union, factsheet number 72729, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72729.
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