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 mail order company Klingel closes and lays off 1,300 employees at its headquarters in Pforzheim. The mail order company had filed for insolvency in May. However, the Klingel group was unable to find investors. The reason for the insolvency is a decline in turnover and increased costs.
The layoffs will take place in three waves. The first part of the employees will be laid off in November 2023. The majority will be laid off at the end of January 2024, when the company ceases operations. Only a very small number will remain employed a little longer to process returns.
The trade union Verdi calls the closure a disaster. The works council is stunned and accuses the management. They had glossed over the situation for far too long and had not reacted in time. However, a social plan has already been negotiated.
Eurofound (2023), Klingel, Bankruptcy in Germany, factsheet number 200255, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200255.