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 Of Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
900 jobs Number of planned job losses
Announcement Date
26 May 2009
Employment effect (start)
15 April 2009
Foreseen end date
31 October 2009
Description
In Febuary 2009, the fashion chain Adessa Moden filed for insolvency. Expecting financial support from the owner Sahinler Group, in April 2009 the administrator announced the loss of around 280 jobs and the closure of 47 out of 130 German shops by 31 July 2009. However, it has transpired that Sahinler Group has not been willing to support Adessa to the extent expected. On 25 May 2009, the administrator declared that all German shops will be closed by fall 2009 and that 900 employees are to lose their jobs.
Sources
25 May 2009: Financial Times Deutschland
15 April 2009: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2009), Adessa, Bankruptcy in Germany, factsheet number 68730, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68730.
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