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 In Non-Specialised Stores 47.1 - Retail sale in non-specialised stores
580 jobs Number of planned job losses
Announcement Date
23 August 2015
Employment effect (start)
1 March 2016
Foreseen end date
30 June 2016
Description
German retail chain Karstadt will shut down four of its stores by the end of March 2016 which will make 580 jobs redundant. The company's stores in Bottrop, Dessau will close by the end of March 2016 and Neumunster and Recklinghausen by the end of June 2016. The company is currently involved in discussion with employee representatives to agree the details of the redundancy programme. The company aims to avoid a second insolvency. It previously made 960 employees redundant at the end of March 2015 as part of a cost reduction programme. In March 2015, Karstadt already announced its plans to cut 1,000 jobs as well as 400 part-time jobs.
Sources
23 August 2015: WirtschaftsWoche
24 August 2015: Junge welt Online
Citation
Eurofound (2015), Karstadt, Closure in Germany, factsheet number 84555, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/84555.
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