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.
The financially troubled mail-order company Neckermann Versand Österreich (NVÖ) was rescued from bankruptcy; however, some 120 employees stand to lose their jobs.
The company, a subsidiary of the German Neckermann Group, underwent restructuring in 2011 (see here) and was in a deep financial crisis. Due to an agreement between the liquidator, the suppliers and creditors and the financial investment of the German investor TopAgers, the company could be rescued from bankruptcy.
However, some 120 of the remaining 280 employees will lose their jobs. The current company will close down by Christmas and the business will be taken over by a new subsidiary of NVÖ. The financial officer of the company has announced that the workforce might be increased again in a few months' time and laid-off workers could be asked to come back if business is going well.
The union, Public Employment Service and the provincial government are working on an insolvency work foundation for the laid-off employees.
Eurofound (2012), Neckermann, Merger/Acquisition in Austria, factsheet number 74625, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74625.