Wolfgang Urban has resigned as CEO of the German direct marketing and retailing giant KarstadtQuelle.
The company said Urban would step down effective May 31 to be succeeded by executive board member Christoph Achenbach.
According to wire service reports, Urban has faced falling sales since 2002. He said in March it would be “frivolous” to expect the company, parent of bankrupt U.S. cataloger the Spiegel Group, to increase revenue this year. An unemployment rate of more than 10% has deterred many German consumers from spending, prompting retailers to slash prices to lure shoppers.
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