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 shoe retailer Schuh & Schuh PKTS has declared insolvent, affecting up to 240 employees.
The company (formerly known as Vögele Schoes), with headquarters in Dornbirn (Vorarlberg), is owned by the German LMC Schuhe Österreich, part of the investment company Lafayette Mittelstand Capital. Schuh & Schuh declared bankruptcy in January this year; according to the company this was due to intensive competition and pricing pressure in the retail sector.
The company now revealed restructuring plans, including the closure of 15 out of 49 stores in Austria, but also expressed interest in continuing business operations with the remaining stores. Schuh & Schuh currently employs 240 employees and 1 apprentice, of which 60 are affected by the current restructuring measures. Two stores will be closed immediately, another 13 stores will follow by the end of April/beginning of May 2017.
Eurofound (2017), Schuh & Schuh PKTS, Bankruptcy in Austria, factsheet number 90641, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90641.