Tegut to Cut Over 100 Jobs Amid Financial Struggles

The Swiss parent company Migros announces restructuring plans due to Tegut's underperformance in revenue and profitability.

Tegut, a German grocery chain, will eliminate 120 full-time positions in central services.
The company is seeking new operators for around 10% of its stores.
CEO Thomas Gutberlet, a member of the founding family, will step down, with Sven Kispalko from Migros taking over.
Migros cites Tegut's failure to capitalize on market potential and poor financial results as reasons for the cuts.
Migros aims to implement the job reductions in a socially responsible manner.