German department store chain seen shutting 40% of outlets

BERLIN (AP) — The employee council at Germany’s last major department store chain says that the company aims to close two-fifths of its branches, months after it filed for insolvency protection for the second time in less than three years. The council said Monday that the long-troubled Galeria Karstadt Kaufhof plans to shut 52 of its current 129 stores. It added that the move would cost more than 5,000 jobs. The company, which resulted from the merger a few years ago of rivals Karstadt and Kaufhof, sought protection from creditors in late October, citing a steep rise in energy prices and weak consumer spending.