German retailer Karstadt CEO to leave - paper
FRANKFURT, June 8
FRANKFURT, June 8 (Reuters) - The chief executive of German retail chain Karstadt will leave when his contract expires at the end of this year, newspaper Bild reported.
Citing supervisory board sources, the paper said in a pre-publication of its Sunday edition that British CEO Andrew Jennings would leave because of differences of opinion about how to restructure the company.
The paper said that the retail chain had declined to comment on the report. The privately-held company did not answer repeated calls from Reuters for comment.
Heavily-indebted Karstadt was rescued in 2010 by billionaire investor Nicolas Berggruen, who invested some 160 million euros ($211.55 million) in the company.
Karstadt competes with the likes of store chain Kaufhof, which is owned by Metro and, like other store groups across Europe, is battling to cope with a prolonged squeeze on consumer incomes as governments cut public spending. ($1 = 0.7564 euros) (Reporting by Harro ten Wolde and Matthias Inverardi; editing by Patrick Graham)