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 German wholesaler Krieger Handel, owner of the furniture retailer Finke since 1 November 2018, decided to close the Paderborn-based furniture store while renovating another one in Kassel and keeping two other stores. The closure was planned for June 2019 but was accelerated and anticipated to 31 March because a considerable number of workers have already quit their jobs after the announcement of the closure. Background is the favourable job market situation in the region of Paderborn.
The negotiations of a social plan with the works council ended on 23 December; the social plan entails that those workers who stay until 31 March will receive their wages until 31 June. The closure will affect some 300 workers in total; the majority of the current 280 workers will loose their jobs by 31 March, administrative staff will continue working until the end of 2019.
Eurofound (2018), Finke, Closure in Germany, factsheet number 96311, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/96311.