Wirecard Fires Most Of German Workforce Amid Sell-Off

Law360, London (August 25, 2020, 5:19 PM BST) -- Wirecard AG is laying off 730 employees, most of its German workforce, to reduce the rate at which the stricken payments company is burning through cash since it filed for protection against creditors in June, the court-appointed insolvency administrator said on Tuesday.

Munich lawyer Michael Jaffé, a representative of Wirecard's administrator, said in a statement on Tuesday that "far-reaching cuts" are necessary if the winding up of the company is to continue. Tuesday was the day that the administrator officially took over Wirecard's accounts after the business suffered a high-profile collapse in 2019.

"The economic situation of Wirecard AG was and...

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