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.
After the insolvency of the German Hettlage company, a large retailer of clothing, the Austrian subsidiary, Hettlage Österreich, went bankruptcy as well. As a consequence, seven of 13 stores across the country were to be closed down in the beginning of August 2004, resulting in job losses affecting 213 employees. 280 employees will keep their jobs, since Kleider Bauer, an Austrian chain store also operating in sales of clothing, took over the six largest Hettlage stores in June 2004.
Eurofound (2004), Hettlage Österreich, Bankruptcy in Austria, factsheet number 60500, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60500.