German consumer electronics retailer Media-Saturn Holding has announced that it will cut over 1,000 jobs in Germany and Belgium by September 2021. In Germany, 13 large-format stores under the Media Markt and Saturn brands are to be closed and about 1,000 jobs cut, while 27 positions are to be affected in Belgium, but no Belgian stores are expected to be closed. The cost-saving and restructuring programme is related to the COVID-19 pandemic as sales in physical stores have decreased, while e-commerce has grown. The holding plans to simplify the organisational structure and centralise some local branches.
In August 2020, the company announced that about 3,500 jobs in Europe would be at risk; however, it is not clear if the currently announced dismissals are included in the number.
Media-Saturn Holding belongs to Ceconomy, the largest European consumer electronics retailer. The chain Media Markt with over 1,000 stores operates in 14 European countries.