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 German department store chain Galeria Karstadt Kaufhof will dismiss 2,800 employees after the merger of Galeria Kaufhof and Karstadt. 1,800 full-time employees of the former Galeria Kaufhof’s stores and 1,000 jobs at the former Galeria Kaufhof’s headquarter in Cologne wil be affected. The management has yet to exclude store closures, but it remains unclear how the job reduction of 2,800 will be reached without closures. In addition, the first compulsory redundancies have already been notified, while the union is strongly opposing the job reduction. Galeria Karstadt Kaufhof has 32,000 employees at 243 locations in Germany.
Update 17/05/2019: Cuts at Galeria Karstadt Kaufhof will be less severe than expected; after reaching an agreement with the works council, only 1,000 full-time employees of the former Galeria Kaufhof’s stores will have to leave, instead of the previously announced 2,800.
Furthermore, works council and management will implement a volunteer’s programme, which will offer employees volunteering to leave Kaufhof a higher severance payment.
Eurofound (2019), Galeria Karstadt Kaufhof, Merger/Acquisition in Germany, factsheet number 97562, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/97562.
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