24.10.2008, Savings target of €28 million achieved

Essen, Germany October 24, 2008. The efficiency program introduced to secure the future of Karstadt Warenhaus GmbH has taken an important hurdle. On Thursday, after intensive, but fair negotiations, the corporate management and the headquarters employees council agreed on a social compensation plan and a reconciliation of interests. As a result, at total of 334 jobs are to be shed, achieving the savings target of €28 million targeted by the management. The process of reducing jobs is to be concluded no later than May 31, 2009.

In addition, an endeavor shall be made to reduce the number of workplaces on a voluntary basis, thus avoiding redundancies for operating reasons. Today, the corporate management presented the details regarding the social compensation plan to the approximately 1,800 staff at Karstadt headquarters in information meetings.

Media contact:
Karstadt Warenhaus GmbH
Corporate Communications
Michael Scheibe
Tel.: +49 / 201 / 727-2124