FRANKFURT, June 8 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)