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 ailing company Baumax, an Austrian chain of retail stores for construction materials and household goods, is to dismiss up to 1100 employees after being taken over.
In August 2015 Baumax was taken over by the German building materials stores operator OBI. OBI announced it would take over 49 out of 65 branches from Baumax Including all its employees (currently there are negotiations to find different buyers for the remaining 16 branches). The company headquarters in Klosterneuburg (Lower Austria) and a distribution centre in Aspern (Vienna) will be shut down. Baumax has registered 1100 employees with The Public Employment Services' (AMS) early warning system. Depending on which stores OBI chooses to close, the number of dismissals is subject to change.
For the 280 affected employees at the headquarters and 120 in the distribution centre a social plan has been agreed upon by management and social partners. Baumax will provide €7.5 million for the social plan which also includes provisions for a 'Work Foundation' [Arbeitstifftung] for workers over 50 with more than 15 years experience.
Eurofound (2015), Baumax, Merger/Acquisition in Austria, factsheet number 84586, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/84586.