Kaufhof mother hbctr separates from boss storch

Kaufhof mother hbctr separates from boss storch

Shortly before the important christmas business, the parent company of the ailing department store chain kaufhof, hudson’s bay company (HBC), has unexpectedly parted company with its boss jerry storch.

He is leaving HBC after a good two and a half years as of 1 january 2009. November and returns to his consulting firm storch advisors, as the canadian company announced on friday (local time). Head of the board of directors richard baker takes over the post on a temporary basis. A successor for storch is also being sought with the help of a personnel consulting firm. At kaufhof, it is not expected that the personnel change will have any impact on the company’s business.

The "suddeutsche zeitung" (online) wrote that the board of directors accused storch of having misjudged the situation in germany and eutopa. Earlier, other senior HBC executives had left the company. The canadian company slipped deep into the red in fiscal year 2016/17. They had announced job cuts in the summer.

Baker assured employees in a letter that HBC will stick to its current strategy even after von storch leaves the company. The personnel change does not mean a change in the share price. "Of course, we continue to stand by our commitment and growth strategy in europe," reads the letter, which was obtained by the german press agency. "We have a plan that will take us forward". I continue to believe strongly in the future of the warenhauser."

Kaufhof boss wolfgang link also assured employees that the personnel change would not have any consequences. "HBC remains a strong partner at our side and remains firmly committed to its engagement in germany, belgium and the netherlands," link stressed in a letter.

HBC had acquired kaufhof from the metro retail group in the fall of 2015 and had rough plans for the future. But this calculation has not worked out so far. Contrary to hopes, the past christmas season did not bring a high flight, but rather a low blow with a two percent drop in sales. Overall, kaufhof suffers from losses and sluggish sales. The retail giant therefore wants to implement cuts in wages and salaries for its approximately 21,000 employees.

Times are tough for traditional fashion retail in germany. Because even though consumers have a lot of money, studies show that they prefer to spend it on something other than clothing. The company wants to reach a collective bargaining agreement with the trade union verdi to secure employment, for which, however, employees have had to accept significant pay cuts while working hours have increased at the same time.

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