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 13 August, Arcandor announced to cut around 3,700 jobs at its affiliate Primondo/Quelle, mainly known for its catalogue business. After Arcandor had filed for insolvency in June 2009, the insolvency administrator plans to drastically reduce the cost structure at Primondo/Quelle; thereby trying to make it more attractive to new investors. The 109 Quelle Technology Centres are to be closed. All of them are reporting losses. The number of Quelle shops is to decrease from currently 1,450 to around 1,000. All in all, job downsizing amounts to 3,700 jobs (out of 10,500). The job reduction scheme is to be implemented by January 2010. The labour office was notified.
Eurofound (2009), Primondo / Quelle, Internal restructuring in Germany, factsheet number 69399, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69399.