May close its warehousing logistics subsidiary HWS: The Otto group (photo: Otto GmbH & CO KG) 

The effects of the global financial crisis continue to hit Hamburg. Mail-order company Otto has announced it may close its Hamburg logistics company, which would affect 2000 jobs. More bad news come from X-Ray factory Philips and car component supplier ContiTech. Philips plans to dismiss 150 of its 1200 Hamburg employees, while ContiTech is introducing short-time working from December onwards. This will affect 200 employees. Other suppliers in Northern Germany also face massive sales problems and are decreasing production.

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