Media Markt-SATURN Closes Shops in Greece

Posted by in Economy

Investments here, investments there, the retail market is frozen and big chains do their arrangements with firing personnel or closing down. Big German chain of stores with consumers electronics Media Markt Saturn announced the closure of three big stores in Athens and Thessaloniki on Monday afternoon. Media Markt issued a statement after Greek media claimed it actually closes down.

Media Markt- Saturn statement read that the company proceeds to strategic moves that will boost its position in the Greek market  given the current economic situation.  The SATURN shops in Faliron (Athens), Gerakas (Attica) and Stavroupoli (Thessaloniki) will close down and 50% of the personnel will be relocated in work places within the corporation. It stated nothing about the rest 50% of personnel… therefore ‘unemployment’ is coming for some families 🙁

Media Markt will keep its 10 shops in several Greek cities. With 13 shops Media-Saturn was giving work to 1,000 people.

Greek economic news portals report that the METRO, the mother company of Media-Saturn Holding had earlier announced  personnel lay offs due to revenue losses of 44 million euro in the period of April-June 2011 (in comparison to similar period of 2010 returns 41 million euro) and the sharp decline in electronic items demands.

You can’t expect to have profits and revenues with a -7% recession, can you?

PS I wouldn’t be surprised to hear that Greeks also boycotted the German chain due to the anti-Greek propaganda of the German media and provocative politicians. At least two friends of mine chose local chains due to thisreason, much to my knowledge.