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.
On 21 August 2014, German furniture manufacturer Hülsta announced its plan to cut 100 jobs. The job reduction is due to a decrease in demand and uncertain market prospects. The management hopes to better face the competitive environment after downsizing.
After the reduction there will be around 600 employees left. The trade union IG Metall wants to try to negotiate about setting up a transfer agency.
The job cuts are an additional reduction to the one from May 2014 when Hülsta announced to cut 170 jobs (see FS 77028).
UPDATE 30-01-2015: As announced on 5 January 2015, job reduction at Hülsta will affect only 170 jobs in total. In 2014, Hülsta had announced the cutting of a total of 270 jobs (see also FS 77028). After negotiations with works council and trade union IG Metall, the management agreed to cut fewer jobs. This has become possible due to insourcing and enlarging the productive value chain. The affected employees will be offered to change to a transfer agency set up by Hülsta.
Eurofound (2014), Hülsta, Internal restructuring in Germany, factsheet number 77498, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77498.
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