What: Peek and Cloppenburg Düsseldorf announced the first restructuring measures of the bankrupt fashion chain, with 350 jobs being cut.

Why it is important: The company is restructuring its organization and reducing its costs considerably as it looks to bring its company back into the profit zone.

The German department store will be cutting about 350 of over 1,500 jobs in its central departments in Düsseldorf. Peek & Cloppenburg KG will be the first to be affected, with around 200 of the 800 jobs at its headquarters being cut.

Sales in all 67 sales outlets in Germany and online as well as the approximately 6,000 employees who work in the stores shouldn’t be affected by the situation.

P&C Düsseldorf is cutting jobs