The German retail chain and coffee roaster Tchibo, headquartered in Hamburg, plans to cut 300 jobs by the end of the year.

Management has not ruled out layoffs, and the move also affects the office in Hamburg.

“After a significant increase in staff during the pandemic, we will return structures to the pre-corona level. This should be achieved, for example, by eliminating vacant positions and temporary contracts that are expiring,” said a company spokesperson.

Just a few weeks ago, employees were informed that there would be no usual annual pay raise this year, writes Fenix magazin.

The group still has around 7,100 employees in Germany, and together with its foreign operations it has more than 11,000 jobs.

Tchibo is wholly owned by the Maxingvest holding company, into which part of the Hamburg-based Herz family pooled its shares. The second pillar of Maxingvest is the majority stake in the Hamburg-based Nivea manufacturer and Dax group Beiersdorf (a good 51 percent), which also includes the self-adhesive film manufacturer Tesa.

Source: poslovni.hr