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 Fitness App provider Runtastic, an Austrian subsidiary company of the German manufacturer of sports equipment Adidas, is dismissing 70 of the 250 employees at its plant in Pasching, Upper Austria. Due to internal restructuring plans, the dismissals are going to take place in the course of the next months. It is argued by the company that the reason for the job cuts lays in the changes of demand in Fitness Apps due to the Covid-19 pandemic. Moreover, Adidas is planning on closing down the "Training"-App over the course of the next few months in order to focus on the main product, the "Running"-App. The brand Runtastic is increasingly pushed into the background and the Apps have been renamed as "Adidas Running" and "Adidas Fitness".
The Start-up Runtastic was founded in 2009 by Florian Gschwandter. In 2015 Adidas bought the Start-up for 220 million euros.
Eurofound (2023), Runtastic, Internal restructuring in Austria, factsheet number 108758, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108758.
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