German Catholic publishing house Weltbild-Verlag / Thousands of jobs at risk

Thousands of workers were facing job loss Friday as German Catholic publishing house Weltbild-Verlag said it would file for insolvency.

“Against the company‘s expectations, it turned out yesterday that the necessary financing will not be available,” read a message from the Weltbild-Verlag on Friday.

The insolvency means that the jobs of some of the publisher‘s more than 6,000 employees were now at risk. The insolvency would affect the publishing house, Weltbild GmbH. Its bookstores, which are partially owned with another publisher, remained unaffected.

However, the company would not say how many employees would be affected.

Verdi, a union, termed the insolvency a tragedy.

“Skimming fat profits for years and using that to co-finance splendid buildings – and then, if the workforce needs help, cutting off confirmed money: It couldn‘t be more disgusting,” said Verdi official Thomas Guerlebeck in Augsburg.

Chosen excerpts by Job Market Monitor. Read the whole story at 

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