Migros to sell off other brands
The stresses at the retail giant Migros continue.
After a series of job cuts the company is confirming press speculation of a sell-off of its various brands.
It’s asking for buyers for its high-end department store Globus and the furniture chain Interio as well as several smaller companies.
The Migros president, Fabrice Zumbrunnen, says the different brands are likely to perform better under new ownership – saying Migros is not the best owner today.
But the company says it will expand and develop other brands, such as Melectronics, Micasa and SportXX, and will invest in its digital distribution.
Migros employs over 100,000 people making it one of the biggest employers in the country.