German mail-order firm Neckermann reveals bankruptcy protection filing


AP

BERLIN — German mail-order company Neckermann says it is applying for bankruptcy protection from creditors after failing to satisfy its owner that cost-cutting plans would produce a viable business.

Neckermann said the application was being filed Wednesday at a court in Frankfurt.

The struggling company planned to cut 1,380 of its roughly 2,400 jobs in Germany in order to secure financing for the future.