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.
As announced on April 27, 2012, German mail-order company Neckermann planned to cut 1,380 of 2,500 jobs in Germany. This was mainly due to the reorganization of print media and e-commerce services.
Neckermann stated a reduction in print media orders by 50% in the first quarter of 2012, while e-commerce was growing steadily.
As reported in May 2012, social partners announced to start negotiations with Neckermann's owner, US- Private equity Sun Capital.
In July it turned out that Neckermann filed for insolvency. A social plan was negotiated, but was not accepted by Sun Capital.
In September, the insolvency management accounced the fragmentation of Neckermann. Subsidiary Happy Size is sold to order company Klingel, 80 posts will be cut. No new investor was found for taking over Neckermann Logistics at Frankfurt. 850 employees shall loose their jobs by 1 October 2012. According to the works council, a job transfer agency was not established due to the fact that Sun Capital rejected to it.
Jobs at subsidiary Neckermann Reisen are expected to stay. As of September, there is no clear indication of the total number of job losses.
Eurofound (2012), Neckermann, Internal restructuring in Germany, factsheet number 73532, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73532.
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