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 Damartex group has announced a restructuring that will lead to 195 job cuts. In total, 159 jobs will be cut in France (and 25 positions created) and 36 in Belgium, the UK and Germany. Due to the COVID-19 crisis and store closures, the decline in activity over March, April and May was 25%. Over the end of the year, turnover, which is currently more than €700 million, could fall from €50 to €60 million. Mail order and internet sales (15% of turnover comes from e-commerce) have not compensated for the loss of income due to the closure of stores. The group has therefore decided to cut 195 jobs and to discontinue three brands. Delaby (comfort accessories), Maison du jersey (textiles) and Jours Heureux (food products), which together account for €26 million in turnover and employ a total of around 50 people, will cease trading by 2021. In addition, the mailing of catalogues, which used to employ 28 people, will be outsourced. Finally, activities such as product creation and marketing will be shared between Damart and Afibel.
Damartex employs 3,300 people in total.
Eurofound (2020), Damartex, Closure in World, factsheet number 100907, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100907.