In office since the start of 2011 Karstadt's Andrew Jennings will not renew his contract when it expires the end of the year, the company said on Sunday. But jennings will participate in the follow-up search and stay involved at Karstadt. A report in the "Bild am Sonntag", according to Jennings withdraws due to differences over the strategy to restructure the department store chain, is "incorrect," said the Kaufhof competitor.
Karstadt owner Nicolas Berggruen had recently admitted to have underestimated the problems in the department store chain in the acquisition. "I did not know how sick Karstadt really was after 20 years of mismanagement," the billionaire said last week the "Bild" newspaper.
Finally, the dispute between the management and the Karstadt around 20,000 workers had escalated. In mid-May said the department store his exit from the collective agreement, in order to save future wage increases. Berggruen, Karstadt had taken out of bankruptcy in 2010, had to be informed about the situation on Tuesday at the headquarters personally by management.
According to a preliminary report by the magazine "Focus" Karstadt's sales fell in May by five percent. In the months before the minus've even located with an average of ten percent twice, the magazine reported, citing the business community.
Source Reuters Germany
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