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 3 July 2017, the producer of DVDs, CDs, and blue-rays Cinram, announced it would cut 329 jobs due to a partial closure of its production site in Alsdorf. This measure will be realised by 31 January 2018. Already in April 2017, Cinram filed for insolvency as Universal Pictures did not extend its contracts with Cinram.
Cinram's management, works council and the Mining, Chemicals and Energy industrial Union (IG BCE) have agreed on a social plan, which includes a possibility for affected employees to switch to a transfer agency for six months to receive further qualification training as well as receiving between 70% and 77% of their previous wages.
However, the insolvency administrator is still searching for investors for the ongoing parts of the production.
As of July 2017, Cinram employs about 850 staff members in Alsdorf, Germany.
Eurofound (2017), Cinram, Closure in Germany, factsheet number 91442, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91442.