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 22 September 2014, publishing house Echo Mediengruppe announced to cut 160 out of its 300 positions starting mid-2015. Echo Mediengruppe publishes the daily newspaper "Darmstädter Echo" which suffers from decreasing demand. Currently, 90,000 issues are sold compared to 110,000 issues ten years ago. The company intends to sell its headquarters in Darmstadt as it will be too large for the remaining 140 employees.
The German journalists' association DJV called it a "sad day for Hessian media". Trade union Verdi was shocked by the drastic job cuts. Echo Mediengruppe talked about an urgent step. To become profitable again, the company needs to save €10 million per year.
UPDATE 2014-12-05: As reported by Frankfurter Rundschau on 3 December 2014, 190 jobs will be cut in total. The total number of employees, according to this article, is 380. The company will supply at total of EUR 8,8 Million for the restructuring and has offered 100 employees a change into a transfer agency.
Eurofound (2014), Echo Mediengruppe, Internal restructuring in Germany, factsheet number 77718, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77718.
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