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Business

Retail giant Arcandor to cut 3,700 jobs

Text by NEWS WIRES

Latest update : 2009-08-13

Arcandor, the German retail giant that controls brands like Karstadt and travel group Thomas Cook, is to axe 3,700 jobs between now and January 2010 in its mail order unit Primondo. The company declared insolvency in June.

AFP - Arcandor's mail order unit Primondo is to axe 3,700 jobs, a third of its workforce, the firm's court-appointed administrator said on Thursday after the German retail giant declared insolvency in June.

"The first draft of the restructuring plan foresees 6,400 employees, which would mean cutting 3,700 jobs between now and January 2010," the administrator, Klaus Hubert Goerg, said in a statement.

The plan, which also entails the closure of retail outlets and logistical centres, is still subject to negotiations with trade union representatives.

"Carrying out this restructuring well will require significant effort on all sides. It will not be without pain," Goerg said.

German trade union Verdi said it was "shocked" by the planned job cuts.

Date created : 2009-08-13

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