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.
Orsay, a German clothing retailer headquartered in Willstätt, Baden-Württemberg, Germany, announced 1200 job cuts in Germany by the end of June 2022.
The insolvent German clothing retailer has confirmed that it will close all its 130 stores in Germany on 30 June 2022. The company said that the liquidity forecast had deteriorated in March 2022 because of the mood of consumers. The war against Ukraine has further depressed the propensity to consume among German consumers. The pandemic had already weighed heavily on business. In addition, supply chain problems due to the Corona policy in China are a major problem.
Despite various interested parties, a solution to carry on trading could not be found, according to the company.
According to the credit agency and debt collection service provider Creditreform, Orsay GmbH was the second-largest insolvency in Germany last year, based on the number of employees affected. The announcement comes only a few days of closing its business also in the Polish makret (Orsay 2022 - PL).
Eurofound (2022), Orsay, Closure in Germany, factsheet number 106950, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106950.