Metro Group-controlled Media-Saturn said that it will cut 3,000 jobs Europe-wide through natural fluctuations as a result of its second quarter loss announced yesterday, according to preliminary and unaudited figures. The staff reduction started at the beginning of this year and will be finished by the end of 2011, with staff that have voluntarily left the company not being replaced.
As the leading company in bricks and mortar consumer electronics retailing in Europe, Media-Saturn targets market leadership in online retail to counter recent developments. The goal is to achieve around EUR5 billion (USD7 billion) in online sales by 2015.
«With an accelerated online strategy we want to enter a new growth phase», said Dr Rolf Hagemann, CFO and Vice Chairman of Media-Saturn's Management Board.
To compensate for costs following from its online launch and price reductions, Media-Saturn intends to save EUR500 million (USD700.2 million).
