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.
Pin Group, a postal delivery service owned by publishing company Axel Springer, announced on 24 February 2008 that it is to cut 100 jobs at the insolvent regional mail delivery subsidiary at Mainz. Operations will stop in the first week of March when wage payments by the Federal Employment Agency will end. There is no information whether any of the affected workers will be reemployed by an external partner of Pin Group that is expected to continue operations shortly after.
Pin Group filed for insolvency for 37 out of its 91 subsidiaries when a minimum wage was extended to the postal delivery sector in November 2007 (Posted Workers Act). In these subsidiaries minimum wages are paid by the Federal Employment Agency for a duration of three months.
The company announced massive job cuts in most of its subsidiaries in the upcoming weeks. The 37 insolvent subsidiaries employ a total of 7,500 workers. FAZ quotes rumors saying that Pin Group aims to shut down its operations and to instead cooperate with delivery services of publishing companies which are not obliged to pay minimum wages. Handelsblatt says publishing companies are interested in a fragmentation of PIN Group and in buying regional subsidiaries.
Eurofound (2008), Pin Group, Bankruptcy in Germany, factsheet number 66333, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66333.
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