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 Of Other Goods In Specialised Stores 47.72 - Retail sale of footwear and leather goods in specialised stores
60 - 240 jobs Number of planned job losses
Announcement Date
31 March 2017
Employment effect (start)
31 March 2017
Foreseen end date
1 May 2017
Description
The shoe retailer Schuh & Schuh PKTS has declared insolvent, affecting up to 240 employees.
The company (formerly known as Vögele Schoes), with headquarters in Dornbirn (Vorarlberg), is owned by the German LMC Schuhe Österreich, part of the investment company Lafayette Mittelstand Capital. Schuh & Schuh declared bankruptcy in January this year; according to the company this was due to intensive competition and pricing pressure in the retail sector.
The company now revealed restructuring plans, including the closure of 15 out of 49 stores in Austria, but also expressed interest in continuing business operations with the remaining stores. Schuh & Schuh currently employs 240 employees and 1 apprentice, of which 60 are affected by the current restructuring measures. Two stores will be closed immediately, another 13 stores will follow by the end of April/beginning of May 2017.
Sources
31 March 2017: Die Presse
31 January 2017: Die Presse
1 April 2017: Vorarlberger Nachrichten
Citation
Eurofound (2017), Schuh & Schuh PKTS, Bankruptcy in Austria, factsheet number 90641, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90641.
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