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 Via Stalls And Markets Or Other 47.91 - Retail sale via mail order houses or via Internet
120 jobs Number of planned job losses
Announcement Date
4 December 2012
Employment effect (start)
4 December 2012
Foreseen end date
24 December 2012
Description
The financially troubled mail-order company Neckermann Versand Österreich (NVÖ) was rescued from bankruptcy; however, some 120 employees stand to lose their jobs.
The company, a subsidiary of the German Neckermann Group, underwent restructuring in 2011 (see here) and was in a deep financial crisis. Due to an agreement between the liquidator, the suppliers and creditors and the financial investment of the German investor TopAgers, the company could be rescued from bankruptcy.
However, some 120 of the remaining 280 employees will lose their jobs. The current company will close down by Christmas and the business will be taken over by a new subsidiary of NVÖ. The financial officer of the company has announced that the workforce might be increased again in a few months' time and laid-off workers could be asked to come back if business is going well.
The union, Public Employment Service and the provincial government are working on an insolvency work foundation for the laid-off employees.
Sources
5 December 2012: Kleine Zeitung
4 December 2012: Kleine Zeitung
Citation
Eurofound (2012), Neckermann, Merger/Acquisition in Austria, factsheet number 74625, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74625.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
