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.
Only a few days after the acquisition of Cosmos, which runs a chain of 27 electrical stores throughout the country, by the Austrian Value Management Services group and the German Nordwind Capital company, the new owners announced their plans to reduce considerably the firms workforce. The Cosmos works council confirmed these plans by stating that the new management has already sent written notification of the planned dismissal of 300 out of currently 1,400 employees to the Labour Market Service. Accordingly, job reduction will be effective already in October 2006. The employee representatives also stated that the management plans to set financial incentives for the employees concerned in order to prevent possible proceedings. The works council has urged the management to enter negotiations on a social plan to avoid cases of hardship.
Eurofound (2006), Cosmos, Merger/Acquisition in Austria, factsheet number 64154, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64154.
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