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.
Kika/Leiner, one of Austria's largest furniture department store chains, has announced restructuring measures shortly after a new takeover and the reopening of insolvency proceeding. The closing-operations will affect 1,900 of 3,900 employees at 23 locations (out of 40) across Austria. At the end of July, the sites Judenburg, Wels, Linz, Steyr, Amstetten, Vöcklabruck, Villach, Wien-Nord, Lienz, Mistelbach, Liezen, Ried, Feldbach, Leoben, Saalfelden, Horn, Unterwart, St. Johann, Wörgl, Stockerau, Imst, Eisenstadt and Wien-Ottakring will be closed and employees will be notified for termination. The company was sold by Tyrolean investor Rene Benko's Signa Retail Group to German specialty retailer Frank Albert's Supernova Group the week before the closures were announced.
The trade union and the Chamber of Labour advise the affected employees to not sign the current proposal, but to seek advice. The sale has also been strongly criticized by employee representatives as the company had received high government subsidies during the crisis.
Update 5/7/2023:
It has been announced that, contrary to initial announcements, also 118 restaurant employees in various branches will be also affected by the dismissals.
Update 28/8/2023:
It has been announced that so far Kika/Leiner notified 1,034 employees (June 23) to the AMS early warning system for termination and another 349 (July 28). In addition, 118 of the 264 employees of the non-insolvent gastro subsidiaries in the furniture stores were terminated.
Eurofound (2023), Kika / Leiner , Bankruptcy in Austria, factsheet number 109180, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/109180.
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