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 1 February 2017, German retail chain Strauss Innovation announced to cut 670 jobs due to filing for insolvency. The company has been struggling for years and had already cut 200 jobs in 2014 (Strauss Innovation, 2014).
Since 2014, Strauss Innovation filled for insolvency three times, the last time in December 2016. All of the remaining 40 stores as well as the administration department in Langenfeld near Düsseldorf will be closed in February and March 2017. A total of 17 stores were already closed in the last months.
A social plan was negotiated and the 670 employees were dismissed directly. No further details were released.
Eurofound (2017), Strauss Innovation, Bankruptcy in Germany, factsheet number 90371, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90371.