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.
Peek & Cloppenburg, a German fashion retailer, has announced 350 job cuts at its headquarters in Düsseldorf.
The 350 jobs concern the hierarchical level directly below the management and could be eliminated with the help of self-terminations, fixed-term expirations and probationary period terminations, the company emphasised. The majority of the other employees will be offered a transfer company.
The company had lost about a third of its turnover during the pandemic and had already opened protective shield proceedings in March due to red figures. Its goal is to conclude the insolvency proceedings by the end of the year. The company's difficulties were caused by its heavily in deficit online business. As part of the restructuring, the company wants to cut about 350 of the more than 1500 jobs at its Düsseldorf headquarters.
Peek & Cloppenburg employs about 6,000 people in 67 stores in Germany in addition to the 1,500 jobs at its headquarters.
Eurofound (2023), Peek & Cloppenburg, Bankruptcy in Germany, factsheet number 109178, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/109178.