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 electronics retail chain Niedermeyer is to cut 279 jobs. Due to the insolvency of the company, 53 out of 98 stores as well as some units at its headquarters will be closed.
Their last open day was 6 April, which was also the last day of work for the employees to be made redundant. However, terms of notice of up to 5 months have to be observed.
Reasons for the insolvency as mentioned are a drop in sales due to the negative economic situation as well as corporate characteristics like the extensive network of shops.
Management is conducting talks with potential new investors and wants to implement a strategic reorientation of the company.
Updated, 29/05/2013: The insolvent Austrian electronics retail chain Niedermeyer is to liquidate its business, thereby closing all remaining 45 stores and making 300 employees unemployed. The company, which had filed for insolvency two months ago, already cut its workforce by half and closed half of their stores in April 2013.
The restructuring plan foresaw the continuation of 45 companies with 300 employees with the help of an investor. However, negotiations with potential partners and investors were unsuccessful and had to be called off, making the liquidation necessary.
The main reason for the bankruptcy is the difficult market environment. The company has liabilities of about EUR 29 million. The majority of the remaining stores are to be closed by 8 June. Talks between management and trade unions have started. The liquidation of the company will take place over the course of the next few weeks.
Eurofound (2013), Niedermeyer, Bankruptcy in Austria, factsheet number 75212, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75212.
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