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.
Underwear manufacturer Triumph announced plans to cut 375 jobs in Germany by 2018. Affected are the company's logistics centre in Aalen where 300 out of 380 staff will lose their jobs as well as at its site in Heubach (75) where the company was founded. According to Triumph, job cuts should be carried out as socially acceptable as possible. Employees can opt for early retirement, retraining or move to a transfer company. Moreover, the executive board and the works council are currently negotiating a social plan and reconciliation of interests. The company wants to become more competitive and increase efficiency which has led to the restructuring. Moreover, a new IT-system replaces many manual work stages.
Triumph, headquartered in Bad Zurzach (Switzerland), currently employs around 30,000 employees worldwide.
Eurofound (2016), Triumph, Internal restructuring in Germany, factsheet number 88191, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88191.