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.
Galeria Logistik, the logistics subsidiary of the German department chain Galeria Karstadt Kaufhof, will be closing its site in Dietzenbach in fall 2020 which will result in the loss of approximately 220 jobs. Due to the merger of Kaufhof and Karstadt it was expected that only 50 jobs would be cut at Dietzenbach in summer 2020. Consequently, social partners had already negotiated a social plan for those employees, while the remaining 170 employees only had guaranteed employment until the end of 2020. Due to the COVID-19 crisis, hopes for a continuation of business were shattered and because of the insolvency proceeding of Galeria Karstadt Kaufthof, terminations have been sent out with a reduced deadline of 3 months.
Eurofound (2020), Galeria Logistik, Bankruptcy in Germany, factsheet number 101201, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101201.