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 furniture manufacturer Westfalen Werke (formerly Hülsta) has announced 280 redundancies at its headquarters in Stadtlohn, North Rhine-Westphalia.
The background of the job cuts is the company's renewed insolvency. The management and insolvency administrator cited a considerable decline in sales as the reason for the insolvency back in April 2024. The situation has also been exacerbated by production losses as a result of storm damage. The company's 280 employees are affected by the closure. Operations will cease with the opening of insolvency proceedings on 01 June 2024. The company had been receiving insolvency benefits from the Agentur für Arbeit since March 2024.
Benjamin Pankow from the IG Metall trade union in Bocholt speaks of a nightmare for the employees. The company has continued to downsize in recent years and the employees have suffered greatly as a result.
Eurofound (2024), Westfalen Werke, Closure in Germany, factsheet number 201249, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201249.