Kaufhof plans 2,600 job cuts after weak Christmas sales

DUESSELDORF (Reuters) - 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 ($6.16 billion).

($1 = 0.8771 euros)

(Reporting by Matthias Inverardi; Writing by Tom Sims. Editing by Jane Merriman)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Citadel unwinds 80% of Aschenbrenner’s portfolio risk - report
• Real and RE/MAX Holdings receive court approval for merger
• Stripe’s OpenRouter deal signals a new race to control AI economics