Retail giant to cut ‘hundreds of jobs’ in Germany

Retail giant to cut ‘hundreds of jobs’ in Germany
Germany's leading retailer Metro is to slash "hundreds of jobs" across the country as part of a radical restructuring plan, according to a newspaper report.

German newspaper Frankfurter Allgemeine Zeitung reported that the Düsseldorf-based retail giant is to cut jobs in Metro Cash and Carry outlets spread across 60 German towns.

In a letter to its 17,000 employees, the company said it was taking tough cost-cutting measures. “In the next two years, we will be forced to cut several hundred jobs in administration and supermarkets as part of restructuring plans,” the paper quoted the letter as saying.

The cuts would be made initially by no longer filling in jobs that become vacant. Metro spokesman Jügen Homeyer confirmed the report.

Metro, which operates 584 hypermarkets in 28 countries, has seen profits in Germany shrink by 50 percent in the past years.

Jobs in Germany