Type
Bankruptcy
Country
Germany
Region
Location of affected unit(s)
Sector
Retail
Retail Trade, Except Of Motor Vehicles And Motorcycles
Retail Sale In Non-Specialised Stores
47.1 - Retail sale in non-specialised stores

2,600 jobs
Number of planned job losses
Job loss
Announcement Date
21 July 2009
Employment effect (start)
Foreseen end date

Description

After filing for insolvency in 2008, the traditional German department store Hertie announced the dismissals of its 2,600 employees on 21 July 2009. Owned by the British investor Dawnay Day Group, negotiations with potential new buyers could not be closed successfully. The insolvency administrator and works council stated that employees' salaries could not be paid up to the dismissal date. Compensation payments were not offered and the date of the closure was not specified.


Sources

  • 22 July 2009: Financial Times Deutschland

Citation

Eurofound (2009), Hertie, Bankruptcy in Germany, factsheet number 69311, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69311.