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
108 jobs Number of planned job losses
Announcement Date
14 February 2024
Employment effect (start)
14 March 2024
Foreseen end date
Description
Austrian jewellery group Alphagold has announced that it will cut 108 jobs in Europe. Among these layoffs, 101 roles will be affected in Austria, while 7 will be in Germany.
The company has initiated bankruptcy proceedings in court, with an estimated number of creditors between 160 and 183. The reasons for the bankruptcy include the COVID-19 pandemic as well as digitalization trends in commerce. Alphagold has 32 branches across Austria and two in Germany. The company's assets have been subject to a remedial procedure at the court in Linz, Austria. Its assets are valued at €613,000, compared to liabilities amounting to €9.44 million. Alphagold has 32 branches across Austria and two in Germany. Alphagold was established in Austria in 1990.
Eurofound (2024), Alphagold, Bankruptcy in European Union, factsheet number 200884, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200884.
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.
