Despite high investments, the turnaround of the Mytoys subsidiary did not succeed.
(Photo: imago/blickwinkel)
Dusseldorf The Otto Group has decided to discontinue the business operations of its subsidiary Mytoys. The toy retailer’s 19 stationary shops will be closed.
The Mytoys administration in Berlin will also be given up. The measures should be implemented by February 2024 at the latest.
Sebastian Klauke, who is responsible for e-commerce on the Otto Group’s board of directors, said that the company found this decision extremely difficult. “In view of the business model, which has been in deficit for years, we had no other alternative even after intensive examination,” he explained.
Around 800 employees are affected by the site closures. The management will negotiate a reconciliation of interests and a social plan together with the works council in order to mitigate the consequences of the decision for the employees, the company said.
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