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Business

KarstadtQuelle To Cut More Jobs

Essen-based retailer KarstadtQuelle will cut an additional 4,000 jobs over the next two years, the company stated on Monday. The move is meant to help the troubled retailer save an additional €145 million by continuing its strategy to cut back on staff. In addition to the cuts in personnel costs, company executives are hoping to save an additional €95 million in administrative costs. The current round of cuts represents almost 10 percent of KarstadtQuelle's total of 47,000 employees. However, according to a company spokesman, there are no plans to close any of the Karstadt-branded retail outlets, currently numbering 212, except maybe for "one or two." In 2003, the company slid into the red, operating at a loss of €171 million. Following the announcement, KarstadtQuelle's stocks rose slightly. In addition to the Karstadt department stores, the company also operates the Quelle mail order business.