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 German fashion retailer Deerberg has announced that it will close and lay off its 270 employees. Eight branches in Hamburg, Velgen, Oldenburg, Münster, Hanover, Cologne, Flensburg and Büsum as well as the head office in Hanstedt (Lower Saxony) are affected.
The company had announced insolvency in June and has been trying to find investors. However, no investors could be found, which is why the majority of the 270 employees will be made redundant on 1 September 2023. The remaining employees are to organise the sale before they too are made redundant. The insolvency of the fashion retailer was the result of a drop in consumer demand and increased inflation.
Deerberg's insolvency is not an exceptional case. Other fashion retailers have already filed for insolvency in 2023, for example Peek & Cloppenburg Peek & Cloppenburg-2023-DE, Gerry Weber Gerry Weber-2023-DE or Primark Primark-2023-DE.
Eurofound (2023), Deerberg, Closure in Germany, factsheet number 200260, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200260.
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