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.
Clothing retail chain Esprit announced it will cut 1,100 jobs in Germany and close down half of its stores. Affected are 800 employees working in Esprit stores and another 300 employees working in administration. In addition, some 100 jobs will be lost in Asia. The company had filed for insolvency in March 2020 after heavy losses during the COVID-19 pandemic. Job cuts are currently negotiated with the works' council. Whilst around 50 stores will be closed by the end of November 2020 in Germany, the company seeks to save the other half of its stores with a restructuring programme reducing costs.
Eurofound (2020), Esprit, Closure in Germany, factsheet number 101217, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101217.