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.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale In Non-Specialised Stores 47.1 - Retail sale in non-specialised stores
700 jobs Number of planned job losses
Announcement Date
25 July 2007
Employment effect (start)
25 July 2007
Foreseen end date
31 December 2008
Description
On 25th July 2007, the department store chain Hertie announced that it is to cut 600 jobs in Germany. The firm has negotiated a social plan with employee representatives to manage the redundancies. Hertie’s redundancy programme is part of an internal restructuring programme that aims to make the firm profitable by 2008. Hertie employs 4800 across Germany.
November 2007
On 24th November 2007, Hertie announced that 700 jobs, rather than 600 jobs, will be lost in the restructuring plan.
Sources
27 July 2007: Financial Times Deutschland
26 July 2007: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2007), Hertie, Internal restructuring in Germany, factsheet number 65645, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65645.
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