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 In Non-Specialised Stores 47.1 - Retail sale in non-specialised stores
650 jobs Number of planned job losses
Announcement Date
26 January 2009
Employment effect (start)
Foreseen end date
31 March 2009
Description
Hertie, a traditional German department store, was sold by the retailer Karstadt Quelle to British investor Dawney Day Group in 2005. Following a drop in sales, Hertief filed for insolvency in 2008. As Dawney Day is in financial difficulties, the investor is interested in selling the company. On 26 January, the insolvency manager declared that a new buyer is not in sight. He presented a restructruing plan to the works council which envisages the closure of 19 out of 73 stores. 650 out of 3,400 jobs will be lost (520 out of 3,000 are full-time jobs).
Sources
28 January 2009: Handelsblatt
Citation
Eurofound (2009), Hertie, Internal restructuring in Germany, factsheet number 67959, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67959.
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