EMCC European Monitoring Centre on Change

Weltbild

Company/Organisation:
Weltbild

Geographic Location

Country: Germany
Region: Augsburg, Kreisfreie Stadt; Schwaben; Bayern
Location of affected unit(s): Augsburg

Company

Sector: Retail
Wholesale and retail trade; repair of motor vehicles and motorcycles
47.61 - Retail sale of books in specialised stores
Number Employed: 1776
Group: Weltbild

Employment Effects

Announcement Date: 21-02-2014
Planned Job Reductions min: 582
Planned Job Reductions max: 656
Type of Restructuring: Bankruptcy
Employment Effect Start: 21-02-2014
Direct Dismissals: 582

Additional Information

Book retail chain Weltbild announced to file for insolvency, planning to make 656 out of its 1,776 workers redundant. This is mainly to affect workers in logistics and administration. The restructuring at Weltbild had already begun in autumn 2013 when the ERM reported on 140 announced job losses.

The company needs new funding and is looking for investors in order to restructure the business and return to profitable margins.

Dismissed workers are offered to move to a transfer agency. According to the company’s spokesman, 582 workers had already transferred on 1 April 2014. There is no information on the remaining workers. Furthermore, affected employees are reported to receive 85% of their former net wage.