January 25, 2019 / 5:34 PM / 23 days ago

Kaufhof plans 2,600 job cuts after weak Christmas sales

DUESSELDORF (Reuters) - German department store chain Kaufhof is to cut 2,600 full-time jobs in the wake of its merger with Karstadt, Signa Holding, one of the company’s owners, said in a statement on Friday.

Kaufhof is owned by Canada’s Hudson’s Bay Co and Austria’s Signa Holding.

The statement said the cuts were needed as part of a restructuring to cut costs following weak Christmas sales.

Reuters reported earlier this week that Kaufhof may have to cut costs after sales fell over the Christmas period.

German regulators approved a merger of Kaufhof with rival chain Karstadt in November, creating a group with 243 department stores in Germany, Belgium and the Netherlands, 32,000 employees and annual sales of 5.4 billion euros ($6.16 billion).

($1 = 0.8771 euros)

Reporting by Matthias Inverardi; Writing by Tom Sims. Editing by Jane Merriman

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