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.
Otto, mail-order shopping company, announced on 21 January 2004 its plan to cut some 500 of the 3,000 jobs at its corporate headquarters as a result of a weak retail market. The company said it would avoid direct dismissals and rely on attrition to slim down its payroll. Otto officials also said they would seek to cut administrative costs by 25%, including major reductions in employee travel expenses. Otto employs 66,000 persons worlwide whereof some 12,000 in Germany.
Eurofound (2004), Otto, Internal restructuring in Germany, factsheet number 58973, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/58973.