Govt confirms rescue of troubled Kaiser's supermarket
Economy Minister Sigmar Gabriel confirmed on Monday that an agreement has been reached to save troubled supermarket Kaiser's Tengelmann, after the chain appeared to be heading for closure.
Gabriel said that 15,000 jobs had been secured through the deal and claimed employees could now look forward to Christmas without having to worry about their futures.
On October 14th, the company had told employees to expect mass job losses across its 400 stores nationwide. But hope that a deal could unexpectedly be reached was revived when ex-Chancellor Gerhard Schröder stepped in to mediate renewed talks.
As part of the deal, Edeka has also guaranteed jobs for Kaiser’s Tengelmann's 15,000 employees for seven years.