1900 employees laid off: Austrian furniture chain Kika/Leiner closes 23 stores

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Operator and managing director Hermann Wieser takes action. At least 23 of the 40 furniture stores of the Kika/Leiner chain in Austria are closing, with 1,900 employees receiving blue letters.

Wiesner took over the company from Austrian real estate investor René Benko’s Signa Group last week. “We got in line to save Kika/Leiner. And now we’re saving what can be saved,” Wieser said. Deep and rapid cuts are needed to keep the company alive and competitive.

Selling prices remain confidential

Signa acquired Kika/Leiner from the South African Steinhoff Group in 2018. Now the operational business has been sold to an investment firm headed by Wieser. The real estate will be taken over by German specialist retailer Frank Albert’s Supernova Group. Sales prices were not disclosed.

Signa owns the retail chain Galeria Karstadt Kaufhof (GKK) in Germany. A restructuring plan envisions the closure of about a third of the last 129 branches. (SDA)

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Source :Blick

Tim

I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.