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.
At the end of January 2012, Schlecker, a major family-owned German drug store chain, filed for insolvency. 11,750 jobs cuts were announced.
The company could no longer manage a restructuring programme that was meant to raise competitiveness. On the 7th of March, the insolvency manager announced his restructuring plans for finding an investor. Plans comprised the closing of about half of all chain stores and the cutting of 11,750 jobs out of a total of 25.250. On 28 March, state subsidies to finance a job transfer agency for Schlecker employees were rejected by the Liberal Party. In the following, about 10,000 employees lost their jobs.
As reported in June, attempts to find investors for Schlecker subsidiaries Schlecker XL have not been successful. The Schlecker XL insolvency affects 1,100 employees.
UPDATE 09.10.2012: As reported in October 2012, Rossmann has hired about 2,000 of the redundant Schlecker workers, most of them from former IhrPlatz branches.
Eurofound (2012), Schlecker, Bankruptcy in Germany, factsheet number 73257, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73257.