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 Trade, Except Of Motor Vehicles And Motorcycles 47 - Retail trade, except of motor vehicles and motorcycles
1,160 jobs Number of planned job losses
Announcement Date
18 February 2010
Employment effect (start)
18 February 2010
Foreseen end date
6 March 2010
Description
The electronics retailer Cosmos filed for bankruptcy and will dismiss all of its 1,160 employees. The company has accumulated debts of €40 million. The bankruptcy procedure was initiated on 18 February 2010. All of the 27 electrical stores in the country were closed by 6 March 2010.
In 2006, Cosmos was acquired by the Austrian Value Management Services group and the German Nordwind Capital Company. The new owners subsequently reduced the number of the staff from 1,400 in 2006 to 1,160 in 2010. The workforce at the stores located in Vienna will be entitled to enter a regional re-employment scheme.
Eurofound (2010), Cosmos, Bankruptcy in Austria, factsheet number 70284, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70284.
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