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.
Lagardère, an international retail chain specialised in travel related retail, has announced it will dismiss 180 of its employees in Belgian tax-free stores. The company has 30 stores in Belgium mainly at Brussels airport in Zaventem but some are present at Charleroi airport as well. The main reasoning behind the reorganisation are the losses made because of the current Covid-19 crisis and quasi lockdown. Almost all air travel has been suspended for several weeks during the crisis and with it all travel related purchases, especially in tax-free stores at airports. The company mangement foresees it will take until 2024 in order for the sector to restore back to pre-Covid 19 levels. Trade unions at the company have understanding for the decisions, given the precarious economic context now and in the future.
Eurofound (2020), Lagardère, Internal restructuring in Belgium, factsheet number 100814, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100814.
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