Karstadt – 2,000 job cuts

Karstadt, the German department store chain owned by Nicolas Berggruen, the billionaire investor, plans to cut 2,000 jobs by the end of 2014.

Karstadt plans to cut jobs and streamline old structures and processes in light of the “the challenging market conditions brought about by the euro zone crisis”, the company said on Monday evening.

Andrew Jennings, chief executive, said: “We believe in Karstadt’s future and are firmly committed to leading the company through a difficult economic environment. As painful as these measures are, they are also necessary. Karstadt must adapt its structures in order to remain competitive.”

Mr Berggruen, a US investor with roots in Germany, bought Karstadt out of insolvency in 2010, throwing a lifeline to its 25,000 employees…

via Karstadt paves way for 2,000 job cuts – FT.com.