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 Sale Of Cultural And Recreation Goods In Specialised Stores 47.61 - Retail sale of books in specialised stores
582 - 656 jobs Number of planned job losses
Announcement Date
21 February 2014
Employment effect (start)
21 February 2014
Foreseen end date
Description
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.
Sources
21 March 2014: Frankfurter Allgemeine Zeitung
21 February 2014: Weltbild (Press Release)
2 April 2014: Hamburger Abendblatt
Citation
Eurofound (2014), Weltbild, Bankruptcy in Germany, factsheet number 76782, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76782.
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