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 Austrian subsidiary of German clothing chain Gerry Weber, which has 19 locations and more than 100 employees, has initiated insolvency proceedings in Austria and will close all its stores in the country by the end of September.
According to creditor protectors, the insolvency in Austria can be attributed to declining sales and rising costs due to inflation, alongside the end of financial support from the German parent company. The affected units include six in Vienna, two in Lower Austria, two in Burgenland, two in Salzburg, one in Styria, one in Upper Austria, two in Carinthia, two in Tyrol and one in Vorarlberg.
The Austrian insolvency will impact 25 creditors with total liabilities of 2.6 million euros.
The company is a wholly-owned subsidiary of the German "Gerry Weber International AG" and the entire group employs 2100 people.
Eurofound (2023), Gerry Weber , Bankruptcy in Austria, factsheet number 200226, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/200226.
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