Media Markt and Saturn will not allow themselves to be side-lined now that Europe is once again under the spell of lockdowns. In Belgium, all stores had to be closed, and even then, the electrical retailer is selling well.
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Ceconomy, the holding company behind MediaMarkt and Saturn, is recovering from the corona crisis faster than expected. The German company is raising its forecasts for this financial year, although thousands of jobs are still at risk.
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Ceconomy (the former Metro branch that owns electronics chains Media Markt and Saturn) has announced a thorough restructuring, which may cause up to 3,500 jobs being cut and several stores closed all over Europe.
As Ceconomy (the owner of the MediaMarkt and Saturn chains) was forced to close its stores for a while due to the corona crisis, it suffered huge quarterly losses and had to ask for state aid in Germany.
Ceconomy, the parent company of electronics chains MediaMarkt and Saturn, is in talks with the German national bank about obtaining two billion euros in state aid. The German retailer claims to need the support due to the corona crisis.
Electronics chain MediaMarkt wants to open an online market place in May 2020. This would debut in Germany and should make it possible to expand the product range on offer.
Ceconomy, the parent company of Media Markt and Saturn, has achieved a tiny turnover growth in its previous financial year. Although net profit increased, no dividend will be paid next year as management wants to strengthen the company's equity.
In his first interview as interim CEO of Ceconomy, Bernhard Düttmann announced a major change in the stores of the MediaMarkt and Saturn chains. He thinks his stores are too big, and: "the atmosphere in some of our stores is still too cold."
Ceconomy, the owner of the Media Markt and Saturn chains, is to show its CEO Jörn Werner the door - despite the fact that he had only started his job in March and was fully engaged with the restructuring.
Has the long-running conflict between MediaMarktSaturn and the Kellerhals family finally been resolved? The co-founder may be tempted to exchange his remaining MediaMarkt shares for an interest in parent group Ceconomy.
German chains MediaMarkt and Saturn have seen their losses grow by 50 % and turnover stagnate, but owner Ceconomy believes the future is positive as transformation should bring rewards.
Metro is disappointed in a takeover bid by shareholder group EP Global Commerce, which is offering 5.8 billion euros for the holding behind Makro and Real.
German Ceconomy, the holding that includes MediaMarkt and Saturn, has had a tough quarter due to negative currency and calendar effects. Still, the company reaffirms its prospects for the rest of the year.
Ceconomy, the owner of electronics chains MediaMarkt and Saturn, has appointed a new CEO and a new CFO. After the exit of Pieter Haas, Jörn Werner and Karin Sonnenmoser will take over.
Czech billionaire Daniel Kretinsky and Slovak investor Patrik Tkac may be making an offer to take over Metro soon: the two have already acquired portions of the holding behind the Metro and Makro chains.
Ceconomy, parent company of MediaMarkt and Saturn, is putting its alliance with Fnac Darty on hold for now. The company wants to find a solution for its ongoing poor performance and financial troubles first.