Drugstore chain Schlecker to slash shops, jobs
BERLIN (AP) — German drugstore chain Schlecker will close around 2,500 stores and cut more than 10,000 jobs after applying for bankruptcy protection in January, the administrator handling the insolvency said Wednesday.
Insolvency administrator Arndt Geiwitz said major cuts were needed to allow the "sustainable continuation" of Schlecker's business.
The plan calls for reducing the number of Schlecker stores in Germany to around 3,000, and its work force to about 13,500, Geiwitz said in a statement.
Schlecker spokesman Patrick Hacker said the company currently has 5,400 stores around the country. The total number of layoffs expected is 11,750, he said.
Schlecker embarked on a restructuring drive in 2010. In January, it said it had been unable to secure bridging financing and was applying for bankruptcy.
