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.
Manufacturing Manufacturing Of Furniture And Other Manufacturing Other Manufacturing 32.4 - Manufacture of games and toys
135 jobs Number of planned job losses
Announcement Date
23 March 2005
Employment effect (start)
23 March 2005
Foreseen end date
Description
Zapf Creation AG, Europe's leading brand manufacturer of play and functional dolls including accessories, announced the launch of a comprehensive realignment program aimed at expanding the company's market position in the long term. The program is the company's response to the decrease in sales and earnings in 2003 and 2004. The program also focuses on far-reaching measures to adapt the company's cost structure to the current development of sales. Savings in administrative, selling and marketing expenses will contribute about 60% to the overall cost reduction. The company cannot prevent the reduction of approximately 135 of its 493 jobs worldwide. The cut in personnel costs will contribute about 40% to overall savings. About 60% of the staff reductions will be made in Germany - at headquarters, in the Central Europe business unit and in logistics. The company also intends to generate one-off savings of 1.5 million by reducing current personnel costs in 2005.In any event, Zapf Creation will uphold its commitment to this important core market. The company will also define a brand and product strategy which promises sustained success. The measures to be implemented in this regard will be realized in the course of the year 2006.
Eurofound (2005), Zapf, Internal restructuring in World, factsheet number 61339, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61339.
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