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.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Computer, Electronic And Optical Products 26.4 - Manufacture of consumer electronics
300 jobs Number of planned job losses
Announcement Date
1 July 2020
Employment effect (start)
1 July 2020
Foreseen end date
31 December 2022
Description
Audio specialist Sennheiser has announced it plans to cut 300 out of 1,400 jobs in Germany. The company stated that it had to reduce personnel due to the negative impact of the COVID-19 crisis on its business. In total, the company will cut 650 jobs worldwide. Job cuts are to be realised by the end of 2022. Due to a change in consumer behaviour and a different market situation, the company will restructure internally and improve its operations. The COVID-19 pandemic and lock-downs affects the company heavily as it supplies technology for live events and audio productions where activity has slumped. The company aims to make the restructuring as 'socially acceptable as possible' and is discussing arrangements with the company works council. Job cuts will be effected via non-replacement of departing staff, partial / early retirement possibilities as well as voluntary departure with severance payments.
Eurofound (2020), Sennheiser, Internal restructuring in Germany, factsheet number 101218, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101218.
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