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.
As announced on 14 April 2021, the German online and mail order specialist Otto plans to cut approximately 400 jobs until the end of 2023. Despite significant gains (sales increased by 23%) during the pandemic in 2020, Otto intends to save up to €50 million annually until the end of 2023 which will ultimately result in the loss of 400 employees. As a result, Otto presented its latest restructuring programme ‘New’ on 18 March 2021, which intends to optimise processes and find automation solutions. While Otto has not confirmed the number of job cuts, local news lets base these numbers on insider knowledge.
At the same time, Otto has currently 120 open vacancies to be filled in its e-Commerce and IT sector.
Otto has approximately 50,000 employees.
A previous restructuring case Otto 2020 DE include the closure of the returns processing site in Hamburg and thus the loss of 840 jobs.
Eurofound (2021), Otto, Internal restructuring in Germany, factsheet number 104575, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/104575.