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.
Schöps, an Austrian clothes retailer with branches across Austria, has announced that 150 jobs were lost at the firm between April and August 2007. The job losses followed the acquisition of 51% of the shares in Schöps by Arques, a German firm that specialises in the restructuring of companies, in April 2007. Schöps had experienced substantial financial problems for several years, and approximately one-fifth of the firm's 100 branches have been converted into discount stores since April 2007. Several of the firm's stores have also been closed. Wolfgang Neubert, the company’s new Chief Executive Officer, stated that staff reduction had been achieved almost entirely through 'natural turnover' and that there had been virtually no compulsory redundancies.
Eurofound (2007), Schöps, Merger/Acquisition in Austria, factsheet number 65760, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65760.