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.
On 4 May 2020, car dealer Autohaus Wichert announced that it will cut 300 jobs at its Hamburg stores, by the end of July 2020. The car dealer filed for insolvency in February 2020 and is looking for new investors for its 23 stores. Some 11 out of the 23 stores have been acquired by the Volkswagen Group Retail Deutschland. Part of the deal is that around 750 out of the 1300 employees working in these units will be taken on by the new owner. Around 300 employees must be placed in a transfer agency at the end of July 2020. There they can remain for a maximum of 10 months and will receive support with their job search.
Two other company locations in Schnelsen and Norderstedt with a total of 55 employees also be aquired by a new owner - Autohof Reimers from Rellingen.
The car dealer is still looking for buyers for other stores, so it can secure the employment of further 270 workers.
Eurofound (2020), Autohaus Wichert, Merger/Acquisition in Germany, factsheet number 100625, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/100625.
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