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.
H&M, the Swedish fashion retailer, is planning to close down eight stores in Italy in 2020 with the dismissal of 195 employees.
Two stores in Milano, one in Udine and one in Bari will be closed in June (with dismissals starting from 18 June). Between August and November 2020, H&M will close down the stores in Grosseto, Gorizia, Vicenza, and Bassano.
According to the company, the decision is connected with the effects of the COVID-19 pandemics. Apparently, the company registered a drop in sales amounting to minus 46 percent in March 2020. The choice to close the 8 stores was considered essential to save the other 172 H&M stores in the country.
Still, the trade union voiced their opposition to the company's decision and the fact that the announcement was not communicated to the trade unions at the latest recent meeting.
Eurofound (2020), H&M, Closure in Italy, factsheet number 100583, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100583.
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