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.
On 14 September 2016, Buss Port Logistics announced to cut 70 jobs affecting employees working in logistical services due to the closing down of its site at the port in Hamburg.
The city of Hamburg has terminated the lease contract with the company earlier than scheduled and therefore the company has to close down its site by the end of the year. The city will pay €100 million to the company in compensation. Buss Port Logistics already negotiated a social plan with the trade union ver.di about the amount of compensation for their employees (to be received by the end of the year). The company is also supporting their employees in finding new employment. The management announced that 20 out of the initially affected 90 employees already found either a new job or retired.
Buss Port Logistics employs around 600 people and operates other logistic ports in Germany, the Netherlands and Turkey, which will not be affected.
Eurofound (2016), Buss Port Logistics, Closure in Germany, factsheet number 88633, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88633.