Overview
- KiK, which disclosed the plan Tuesday in a dpa interview, will shutter roughly 300 European locations and open 75, cutting the net store count by about 225 to around 4,000.
- In Germany the company plans about 135 closures, leaving roughly 2,200 outlets, and some shops have already shut in recent weeks.
- CEO Christian Kümmel said the chain expanded too densely, with some branches less than one kilometer apart, and the company is now trimming to focus on profitable sites.
- KiK has not published a list of affected stores, and many employees have not been told yet, though the company says it will move staff to other branches and does not plan layoffs.
- Management cites weaker consumer demand and tougher rivals such as Woolworth, NKD, Action, Shein and Temu, reflecting a wider retail squeeze that has seen more insolvencies and fewer storefronts across Germany.