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.
The clothes retailer Escada announced the planned cut of 100 jobs. The decision follows the insolvency from September 2020 after which only certain parts of the company will be taken over by the new investor. Already in 2009, the company had to file for insolvency, but managed to find a new investor who sold the company in the end to the U.S firm Regent. Regent will now take on the store in Munich, but all other Escada stores in Germany will be closed. Out of the 180 employees in Germany, 100 are affected by the closure. Their jobs will be cut by the end of February 2021.
Eurofound (2020), Escada, Bankruptcy in Germany, factsheet number 102889, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102889.