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.
Pohland, a Cologne-based chain of 13 clothing stores, filed for insolvency in May 2009. In October, the administrator's insolvency and restructuring plans were approved. Pohland will continue operations, but five stores will be closed. The number of jobs will be cut from 343 to 230.
In 2007, the German company Douglas sold Pohland to the Munich-based private equity firm Aurelius. This was Aurelius' second investment in clothing retail after investing in the French subsidiary of German retailer Quelle (formerly Quelle/France, now named 'La Source'). Four new Pohland stores were opened in 2008, but the retailer soon faced problems. In March 2007, Aurelius sold Pohland to the management-buy-out 'men's fashion and lifestyle', which filed for insolvency two months later.
Eurofound (2009), Pohland, Bankruptcy in Germany, factsheet number 69693, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69693.