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.
The Commercial Court of Paris has ordered the judicial liquidation of SAD, a subsidiary of the Prestalis Group which distributes newspapers in retail outlets. The liquidation leads to the immediate dismissal of the 512 workers employed at its branches in Lyon, Bordeaux, Toulouse, Nancy, Nantes, Le Mans and Marseille (134 employees). SAD, which distributes the national and regional press and magazines in the regions, has been liquidated without continuation of activities, unlike its parent company Presstalis, which has been placed in receivership.
This announcement shocked employees, the unions thought they 'had an agreement to keep half the workforce, at least in Marseille. Restructuring was planned, but not that'. The Presstalis group, which is in serious economic and financial difficulties, declared a suspension of payments on 20 April at the Commercial Court. 'The unprecedented health crisis of COVID-19 and its consequences on the press sector have contributed to a very significant acceleration in the deterioration of the group's financial equilibrium,' Presstalis representatives said in a statement. Despite restructuring and the support of the public authorities, the Presstalis group is going from crisis to crisis, in a difficult market context for the written press. In Marseilles, former employees announced they will take action to try and reverse the situation.
Eurofound (2020), SAD, Bankruptcy in France, factsheet number 100714, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100714.