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
2,600 jobs Number of planned job losses
Announcement Date
21 July 2009
Employment effect (start)
Foreseen end date
Description
After filing for insolvency in 2008, the traditional German department store Hertie announced the dismissals of its 2,600 employees on 21 July 2009. Owned by the British investor Dawnay Day Group, negotiations with potential new buyers could not be closed successfully. The insolvency administrator and works council stated that employees' salaries could not be paid up to the dismissal date. Compensation payments were not offered and the date of the closure was not specified.
Sources
22 July 2009: Financial Times Deutschland
Citation
Eurofound (2009), Hertie, Bankruptcy in Germany, factsheet number 69311, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69311.
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