48. Events after the closing date
Between the balance sheet date (30 September 2016) and the date of presentation of the consolidated financial statements (22 November 2016), the following event of material importance to an assessment of the asset, financial and earnings position of METRO AG and METRO GROUP occurred:
In mid-October 2016, Real announced detailed plans for a strategic repositioning of the sales line. In this context, the sales line’s administrative functions will be reorganised and restructured, with the central functions set to be bundled at the Düsseldorf location in the near future. As part of the reorganisation, up to 500 full-time jobs will be eliminated over a period of 18 months. Real has budgeted restructuring costs in the mid-double-digit million range. The launch of the new hybrid store concept, which will entail a substantial enhancement of service quality, is expected to lead to the creation of up to 3,000 new jobs over the next five years.