Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
On 5 May 2020, clothing retail chain Gerry Weber announced workforce reduction by 200 positions. The restructuring is due to profit losses during the coronavirus crisis. The company, currently employing around 3,000 employees, completed its insolvency procedure at the beginning of 2020 and started to recover from the process when the COVID-19 outbreak hit Germany and stores had to be closed. The company states that it had lost around €100 million due to the closing of stores and did not expect to make up for this loss. Apart from job cuts, the company has also renegotiated deals with suppliers and business partners.
Currently, there is no new information on which locations will be affected and what is the timeline of the restructuring.
Eurofound (2020), Gerry Weber, Internal restructuring in Germany, factsheet number 100626, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100626.