Galeria Kaufhof Karstadt CEO Stephan Fanderl has announced that measures will be taken to turn the tide at the Dutch branch of the Hudson's Bay chain.
The fifteen Dutch stores of the chain are going through hard times: according to Dutch newspaper De Telegraaf, last year the company suffered a loss of 80 million euros. As a guest speaker at the World Retail Congress in Amsterdam, Fanderl said he believes the Dutch branch of Hudson's Bay made a mistake in choosing for the same segment as De Bijenkorf, according to RTL Z. "That is an interesting market, but a very small one. And yet, the disappearance of V&D had cleared the path for stores that offered value for money without being cheap."
Fanderl adds that that other segment still holds more possibilities, which he is currently analysing. "But considering the sizeable losses, it is clear we have to act." For now, the CEO is reluctant to say whether any stores will be closed: "I never respond to rumours, but we are currently looking at a lot of options. We have only been working on this since late last year, so give us some time. It certainly should not take too long."
The CEO is known for rigorous cost-cutting measures: under his authority, dozens of Karstadt stores were closed in the past few years. 3,000 jobs were cut in the process. It is expected that another 2,600 full-time jobs will be lost at the concern in the near future.