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.
Manufacturing Manufacture Of Material For Textiles, Apparel, Leather And Related Products Manufacture Of Textiles 13 - Manufacture of textiles
450 jobs Number of planned job losses
Announcement Date
5 November 2009
Employment effect (start)
13 August 2009
Foreseen end date
Description
On 5 November 2009, the international fashion group Escada announced the cut of 450 jobs in Germany. 140 jobs have already been cut. Job cuts are part of the company's restructuring programme. Escada had filed for insolvency in August 2009. At the beginning of November 2009, the liquidator stated to have sold the operative business of Escada to Megha Mittal. So far the transaction does not alter the job reduction scheme of the company. In April 2009, Escada employed a total of 2,229 employees.
Sources
7 November 2009: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2009), Escada, Bankruptcy in Germany, factsheet number 69810, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69810.
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