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 47.91 - Retail Sale Via Mail Order Houses Or Via Internet
75 jobs Number of planned job losses
Announcement Date
15 January 2025
Employment effect (start)
15 January 2025
Foreseen end date
Description
As announced on 15 January 2025, the online platform for luxury watches Chrono24 is cutting 110 jobs globally, including 75 at the headquarters in Karlsruhe, Germany. This represents a quarter of the workforce of 300 in Karlsruhe. Affected employees will be offered "comprehensive severance packages". The goal of the layoffs is to make the company more efficient and streamline hierarchies. The company has been profitable for years. However, the market situation has become increasingly challenging. The luxury goods business has declined after the boom during the COVID-19 pandemic.
Chrono24 currently employs 460 people worldwide, and after the restructuring, it will have 350 employees.
16 January 2025: Badische Neuste Nachrichten (bnn.de)
Citation
Eurofound (2025), Chrono24, Internal restructuring in Germany, factsheet number 202234, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/202234.
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.
