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.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Via Stalls And Markets Or Other 47.82 - Retail sale via stalls and markets of textiles, clothing and footwear
350 jobs Number of planned job losses
Announcement Date
12 May 2023
Employment effect (start)
12 May 2023
Foreseen end date
31 December 2023
Description
Peek & Cloppenburg, a German fashion retailer, has announced 350 job cuts at its headquarters in Düsseldorf.
The 350 jobs concern the hierarchical level directly below the management and could be eliminated with the help of self-terminations, fixed-term expirations and probationary period terminations, the company emphasised. The majority of the other employees will be offered a transfer company.
The company had lost about a third of its turnover during the pandemic and had already opened protective shield proceedings in March due to red figures. Its goal is to conclude the insolvency proceedings by the end of the year. The company's difficulties were caused by its heavily in deficit online business. As part of the restructuring, the company wants to cut about 350 of the more than 1500 jobs at its Düsseldorf headquarters.
Peek & Cloppenburg employs about 6,000 people in 67 stores in Germany in addition to the 1,500 jobs at its headquarters.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
