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 Wholesale Trade, Except Of Motor Vehicles And Motorcycles Wholesale Trade, Except Of Motor Vehicles And Motorcycles 46 - Wholesale Trade, Except Of Motor Vehicles And Motorcycles
101 jobs Number of planned job losses
Announcement Date
14 February 2024
Employment effect (start)
14 February 2024
Foreseen end date
Description
Alphagold, a traditional Austrian wholesaler of jewellry and watches in Austria and Germany, has filed for insolvency, affecting 101 employees.
The company is based in Linz and operates 32 branches of the "Le Clou" and "Juwelier Reiter" brands in Austria. In total 108 employees are affected, 101 of them in Austria. As the main reasons for insolvency, the company cites the changed framework conditions for the retail sector since 2015 as a result of digitalisation and the conditions during the pandemic.
During the pandemic, the company received coronavirus aid for 2020, 2021, and 2022, which was mainly used to repay loans, as well as deferrals.
Eurofound (2024), Alphagold, Bankruptcy in Austria, factsheet number 200850, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200850.
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.
