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.
The German pharmaceutical company Phoenix Pharmahandel GmbH & Co KG announced it will cut 120 jobs due to internal restructuring. On 1 February 2018, Phoenix introduced a new company structure, resulting in the loss of 120 jobs throughout Germany. It is expected that some new jobs may also be created in the process, but no set number has been announced. Phoenix hopes to achieve the job reductions mainly through natural fluctuation. A detailed timeframe regarding the job reduction has yet to be announced.
Management and works council have already agree to social plan which includes early-retirement programmes.
As of February 2018, Phoenix has 4,300 employees in Germany.
Eurofound (2018), Phoenix Pharmahandel, Internal restructuring in Germany, factsheet number 93194, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/93194.