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Media Markt and Saturn threatened a sharp drop in profits

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Ceconomy, the parent company of the Media Market and Saturn stores, is poised to lose nearly three-quarters of today’s operating profits over the next three years. The news magazine Der Spiegel reports, citing internal Ceconomy papers. The group wants to take countermeasures and with new offers and lower costs by the year 2022 the operating result to 1.2 billion euros almost double, so the redesign plans of the recently dismissed CEO Jörn Werner, which will be decided by the committees at the turn of the year and then implemented.

Supervisory Board Chairman Jürgen Fitschen continues to focus on the restructuring plan. “There were and are no fundamental differences about the strategy,” said Fitschen the mirror. “But we will not be able to do everything at once, we have to prioritize,” said Fitschen.

The co-owner of Media-Saturn, the investment company Convergenta, has sharply criticized Fitschen for the dismissal of Werner. Fitschen now strives for communication. “We will ensure that Convergenta continues to support the transformation.”

In the spring of this year, media reported that Ceconomy plans to cut 500 jobs to cut costs. The austerity measures are intended primarily to refer to the corporate headquarters of Ceconomy in Dusseldorf and the headquarters of Media-Saturn in Ingolstadt and also to many management positions.

Source: Golem.de

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