Business

Karstadt boss steps down after six months at the helm

Karstadt shop Image copyright Sean Gallup
Image caption Karstadt is one of Germany's best known retail chains

The chief executive of the German department store Karstadt has stepped down after just six months in the top job, the firm said in a statement.

Eva-Lotta Sjostedt took charge in February after joining the retailer from furniture chain Ikea.

Chief financial officer Miguel Muellenbach and human resources boss Kai-Uwe Weitz will now lead the firm.

Karstadt is loss-making, although as a private firm it has not published recent figures.

The retailer, one of Germany's best known chains, was rescued from insolvency in 2010 by billionaire businessman Nicolas Berggruen.

Before taking the helm at Karstadt, Ms Sjostedt was deputy global retail manager at Ikea.

When she joined the group she said urgent action was needed to turn around the chain's fortunes.

"We have no time to lose. We have to act. Karstadt is not profitable at the moment and that must change quickly," she told Reuters.

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