Germany Retail Rout Tender

Europes retail crisis deepened as companies in the UK and Germany are set to cut thousands of jobs as online shopping accelerates the erosion of sales from traditional bricks-and-mortar stores.Tesco the biggest UK grocer will eliminate about 15000 positions and close meat fish and delicatessen counters the Mail on Sunday reported citing unidentified industry sources. Galeria Kaufhof which has department stores in cities including Berlin and Munich will cut about 2600 jobs it said Friday - the same day that German fashion chain Gerry Weber International AG began insolvency proceedings. They join a growing list of European retailers that have collapsed amid ever tougher online competition.The shift to internet shopping slowing economic growth and insecurity in the UK over the countrys exit from the European Union are eating into traditional retail sales.In the UK there is concern over the future of retailers such as Debenhams Plc which is in talks with lenders as it faces at least 300 million pounds of debt coming due starting next year. The UKs shopping districts have already been decimated by a series of collapses including the company behind cake chain Patisserie Valerie which is seeking a buyer. Sports Direct International Plc Chief Executive Officer Mike Ashley rescued department-store chain House of Fraser last year.