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.
On 19 November 2009, the insolvent mail-order business Quelle announced to cut around 100 jobs at its call centres in Magdeburg and Berlin. Both call centres are to be closed by the end of this year or the beginning of next year. Currently, the centres in Magdeburg and Berlin employ some 520 and 620 employees respectively. Parts of the business are to be taken over by Walter Services (thereby securing around 500 jobs). In fall 2009, Quelle received a €50 million emergency loan to continue its operations, but by October the insolvency administrator declared that talks with a number of investors had failed. Quelle represents Arcandor's mail-order business held by Primondo Group. In June 2009, Arcandor had to file for insolvency after it could not secure an emergency loan or credit.
Eurofound (2009), Quelle, Bankruptcy in Germany, factsheet number 69878, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69878.