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.
Halfords, the UK-based retailer of motoring, cycling and leisure products has announced that it will close all its 22 Cycle Republic shops, which specialise in selling bicycles, and a ‘performance centre’ located in Evesham by the end of 2020. The restructuring puts 226 jobs at risk of redundancy – the consultation process with employees and their representatives has already started.
A statement issued by the company says that the restructuring aims to make the business more profitable.
The first Cycle Republic store was opened in London in 2014 and its flagship store was opened by Olympic cyclist Victoria Pendleton. Cycle Republic supported large-scale cycling events around the UK.
Eurofound (2020), Halfords, Closure in United Kingdom, factsheet number 100135, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100135.