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 clothing retailer with branches across Austria, announced on 30 September 2008 that 120 out of the chain's 578 employees were dismissed on that day. The job losses followed the acquisition of the company by Jamal Al-Wazzan, a businessman mainly operative in the retail and real estate sectors, in August 2008. The new owner has announced plans to re-organise the whole company and to convert all of the stores into franchise shops. According to Wolfgang Neubert, the company's CEO, management will attempt to retain as many employees as possible. Therefore each new leaseholder of a store shall be committed to take over all of the store's employees. Nevertheless, the trade unions have demanded the conclusion of a social plan for the employees affected by dismissal.
Eurofound (2008), Schöps, Merger/Acquisition in Austria, factsheet number 67200, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67200.