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.
Quelle Österreich, which has become insolvent in late 2009 (see factsheet 14785), will be revitalised in 2011 by its new owner Otto group and thus 100 new employees will be hired.
The mail-order retailer will be headquartered in Salzburg (like its owner Otto), whereas the service center will be located in Graz. 80 percent of the sales are expected to take place via online orders, with the rest being telephone orders. The products on sale will be limited to electronics and furniture/accommodation products, while textiles will not be sold any longer.
The Otto group, which bought the insolvent retailer Quelle Österreich in 2009, is the country's biggest online retailer with 700 employees and expects a turnover of EUR 240 million in 2010, an increase of a third compared to 2009. Quelle is expected to show a turnover of EUR 100 million within the next three to five years.
Eurofound (2010), Quelle Österreich, Business expansion in Austria, factsheet number 71263, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71263.