MediaMarkt and Saturn will cut thousands of jobs Financial

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Probably jobs outside Germany are at risk. It is not clear from Ceconomy’s statement to what extent this also concerns jobs in the Netherlands. A spokesperson for MediaMarkt in the Netherlands refers questions to the German parent company. According to Ceconomy, no final decision has yet been taken on the number of jobs to be cut, which is why no precise breakdown between countries has been made public. In the Netherlands, approximately 4,500 people work at MediaMarkt.

Due to the increasing competition from webshops such as Amazon, Ceconomy was not doing so well before the corona crisis. The virus outbreak has only worsened the situation of the retail group. Government action against the new coronavirus forced the group to close stores in many European countries in March, resulting in much less money coming in. The sales have picked up again in recent months, but that does not prevent the electronics seller from having to intervene firmly.

For the third quarter that ran at Ceconomy until the end of June, the group expects a negative operating result of 43 million euros. In the period up to the end of March, a substantial loss was already recorded. At that time, the fifty MediaMarkt branches in the Netherlands were a bright spot for the company, because they could remain open during the ‘intelligent lockdown’. In addition, the obligation to work at home as much as possible was good for the demand for electronics and other equipment.

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