The Hamburg-based Otto Group will cease operations of the toy platform Mytoys.de and will close all branches by February 2024. In the future, the Mytoys brand will only be offered on the Otto platform, the group announced. A reconciliation of interests is to be negotiated and a social plan drawn up for the approximately 800 employees affected in the Mytoys administration in Berlin and the 19 stationary shops. “Of course, this decision was extremely difficult for us, especially in view of the committed and professional work of all Mytoys employees,” explained Otto’s e-commerce director Sebastian Klauke. But in view of the business model, which has been in deficit for years, there is no alternative. Despite multiple strategic reorientations and high investments, the company has not achieved a solid economic performance and the required sustainable profitability, explained Otto.
Toys – platform mytoys is closed – economy
