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.
Book retail chain Weltbild announced to file for insolvency, planning to make 656 out of its 1,776 workers redundant. This is mainly to affect workers in logistics and administration. The restructuring at Weltbild had already begun in autumn 2013 when the ERM reported on 140 announced job losses.
The company needs new funding and is looking for investors in order to restructure the business and return to profitable margins.
Dismissed workers are offered to move to a transfer agency. According to the company’s spokesman, 582 workers had already transferred on 1 April 2014. There is no information on the remaining workers. Furthermore, affected employees are reported to receive 85% of their former net wage.
Eurofound (2014), Weltbild, Bankruptcy in Germany, factsheet number 76782, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76782.