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.
Restructuring Process
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
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
