Hotelplan, Mibelle, SportX and Melectronics were sold: Migros is laying off 1,500 people!

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Migros is looking for buyers for travel brand Hotelplan, beauty brand Mibelle, sports goods retailer SportX and electronics retailer Meelectronics.

This is a result of the group strategy adopted by Migros in 2021 and known today, which foresees that Migros should constantly focus on the retail, financial services and healthcare business areas.

Sales processes have been initiated and according to the statement made by Migros, “it will take a long time”.

The strategic focus will make it inevitable that up to 1,500 full-time positions will be cut. Relevant decisions are taken subject to prior consultation with employee representatives, which is legally required. Migros wishes to actively support affected employees in finding new employment within or outside the Migros Group. There are currently nearly 1,400 open positions in the Migros Group alone. Some of the layoffs will also be absorbed through natural volatility.

Impact on operating results of 500 million francs

The changes also have implications for business. Migros Group identified the need for value correction of approximately 500 million francs. This particularly affects logistics properties, IT projects and various other assets whose balance sheet value is low due to changing market conditions and is being adjusted. Value adjustments will also have an impact on the company’s 2023 results. With this, Migros Group will be able to report a positive result for the last financial year.

Sales processes do not change anything for customers and partners. All jobs continue to work as reliably as before.

Source :Blick