The ailing German electronics retail chain Media Markt/Saturn requests government assistance due to the corona crisis. The parent company Ceconomy said that the Group decided to request funding from the German Reconstruction Loan Corporation (KfW). There is no official information regarding the requested amount. According to an insider, the group requested 2 billion euros. This amount was also reported by the Bloomberg news agency. The stores of Media Markt and Saturn are currently shut down in Germany, Austria, and further European countries due to the corona crisis.
Safeguarding business
“We are taking all the necessary steps to safeguard our business and mitigate the negative effects of the developments associated with COVID-19,” says Ceconomy. This also includes cost measures and the suspension of investments. “It is absolutely unclear right now how long it will take until we can resume normal business operations. Therefore, we have decided to request KfW-financing as well.”
