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FINANCIAL NEWS

Media Markt To Shrink Operations In Greece

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German chains of stores selling consumer electronics Media Markt and Saturn proceed with redeploying of branch network and reorganizing of operations in Greece.

Jobs dismissals announced by Metro, parent company of Media-Saturn Holding to address losses of €44 million in Q2 2011 (compared with profits of €41 million in the corresponding period of 2010), and the sharp decline of sales in Greece affected domestic operations. 

In this context, sources note that suspension of operation of two Media Markt stores in Athens is expected, while only a part of the staff would be transferred to other stores. The same sources said that staff reductions have been made in other stores, while there are considerations for converting Saturn into an online shop. 

The two chains operate 13 stores (8 Media Markt and 5 Saturn stores) in Athens, Thessaloniki, Larissa, employing approximately 1,000 workers. The latest publicly available financial results revealed reduction in turnover and profitability and increase accumulated losses. However, the parent group would cover any capital inadequacy by 31/3/2012, according to financial statements.
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