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Decline in Print Business: MDM Announces Job Cuts
According to a report in the Braunschweiger Zeitung, a German local newspaper, MDM Münzhandelsgesellschaft, a subsidiary of the Borek Group in Brunswick, is about to reduce its workforce. The decision to take this step is based on substantial drops in revenues, which were primarily caused by a shift in customer interest towards online trading and a reduction in the relevance of the print business after the Covid time.
MDM is apparently preparing to reduce its workforce. Collage: Canva.
A company spokeswoman told the local newspaper that the job cuts were necessary to ensure the sustainability of the MDM Group. Exact figures on the number of redundancies were not published. The company currently has 600 employees.
In its article, the Braunschweiger Zeitung gives a voice to an employee who wishes to remain anonymous and refers to an investment of 27 million euros in a new office building. The employee speaks of problematic changes such as short-term dismissals of company agreements and salary cuts as well as warnings for trivialities. There is a great deal of uncertainty among the employees, who are demanding more clarity about the future of the company.
According to the report, the company is in negotiations with the works council in order to make the job cuts as socially acceptable as possible. A social plan is currently being drawn up to regulate how economic disadvantages for the affected employees can be mitigated. According to the Braunschweiger Zeitung, MDM is also planning to prevent a further downturn by reorganising sales and developing new products.
