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 Trade, Except Of Motor Vehicles And Motorcycles 47 - Retail trade, except of motor vehicles and motorcycles
1,000 jobs Number of planned job losses
Announcement Date
22 November 2005
Employment effect (start)
1 December 2005
Foreseen end date
31 December 2006
Description
Karstadt Quelle, a financially ailing retailing giant, has announced cost-cutting measures for its mail order businesses Neckermann and Quelle. At Neckermann, the internet retailing arm, at least 400 jobs are to go. At Quelle, which works mainly through catalogues, 600 jobs will be cut. It has not been decided yet, where employment will be cut. 350 to 400 employees shall either go into early retirement or receive compensations.
Sources
23 November 2005: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2005), Karstadt Quelle, Internal restructuring in Germany, factsheet number 62542, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62542.
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