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.
On 7 July 2009, Schlott Group, a media service provider for printing and direct marketing, announced the loss of 350 of its 2,330 jobs in Germany. Amongst others, the company's sites in Hamburg are affected. Job cuts are to be implemented by spring 2010.
Job downsizing is part of the company's cost-reduction programme. It is to save EUR 25 million by the business year 2011/ 2012. The programme was set up in response to an anticipated further decline in demand for the company's products.
Job cuts were agreed upon with the United Services Union. The negotiated agreement with the union also includes further measures, such as elimination of special gratuities for employees as stipulated by collective agreements or the management board's forgoing of 6.6% of its annual compensation payments.
Eurofound (2009), Schlott, Internal restructuring in Germany, factsheet number 69266, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69266.