The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Wholesale / Retail Retail trade Retail sale of automotive fuel 47.4 - Retail sale of information and communication equipment
1,027 jobs Number of planned job losses
Announcement Date
31 March 2021
Employment effect (start)
31 March 2021
Foreseen end date
31 August 2021
Description
German consumer electronics retailer Media-Saturn Holding has announced that it will cut over 1,000 jobs in Germany and Belgium by September 2021. In Germany, 13 large-format stores under the Media Markt and Saturn brands are to be closed and about 1,000 jobs cut, while 27 positions are to be affected in Belgium, but no Belgian stores are expected to be closed. The cost-saving and restructuring programme is related to the COVID-19 pandemic, as sales in physical stores have decreased while e-commerce has grown. The holding plans to simplify the organisational structure and centralise some local branches.
In August 2020, the company announced that about 3,500 jobs in Europe would be at risk; however, it is not clear if the currently announced dismissals are included in the number.
Media-Saturn Holding belongs to Ceconomy, the largest European consumer electronics retailer. The chain Media Markt, with over 1,000 stores, operates in 14 European countries.
Eurofound (2021), Media-Saturn Holding, Closure in European Union, factsheet number 104591, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/104591.
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