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.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Household Equipment In Specialised Stores 47.51 - Retail sale of textiles in specialised stores
125 jobs Number of planned job losses
Announcement Date
17 March 2020
Employment effect (start)
17 March 2020
Foreseen end date
Description
The Danish fashion clothing group, DK Company, announced on 17 March 2020 that it has made 125 employees redundant due to falling profits during the COVID-19 pandemic. Furthermore, 250 stores in Denmark and Norway will temporarily close because of the spread of the coronavirus. DK Company expects its revenue to drop by up to DKK 1 billion (€133.93 million as at 27 April 2020) in 2020 because of a significant drop in sales. This corresponds to one-third of its revenue.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
