Austrian sports retail company Gigasport is closing four of its fourteen branches – the company announced that it is planning a strategic realignment. 100 employees lose their jobs.
The company has been suffering from the difficult market situation in sports retail for some time. Measures were already taken last year to ensure the company’s survival. “With the closure of four Gigasport locations and the associated adjustments in the central area, this process is completed and the company is economically strengthened,” the company explains in a press release.
Gigasport speaks of “extremely challenging” years
“The past few years have been extremely challenging for the entire retail sector, especially sports retail,” the company further explains. The entire sector was affected by the corona pandemic, high energy prices and a weak economy. While costs are rising, turnover will only develop moderately.
To strengthen the company economically, four branches are now being closed. The locations Wolfsberg, Spittal/Drau, Leoben and Innsbruck will be closed at the end of January 2025. They also want to make adjustments in the middle area and measures to reduce costs will be implemented company-wide. A total of 100 employees have been affected.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
