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.
FNG, the largest Belgian chain of clothing and shoe retail stores, has announced dismissals in several of its subsidiaries. Most affected are the following retail stores - Brantano (153 jobs), Concept Fashion Store XL (14), FNG International (63) and Fred & Ginger Retail (46). In total, about 47 retail stores are at risk of closure, as well as employees at the FNG offices. Around a quarter of group employees may be affected. According to the company management, restructuring measures are needed to safeguard the future of the company in the long term. Trade unions are currently negotiating with the management to discuss the extent of the dismissals. They are, however worried if more large dismissal rounds will follow in the future. They state that the current COVID-19 crisis has had a significant impact on the company, but more structural problems are also present. The group will seek temporary protection from creditors while it negotiates restructuring in some of its retail affiliates.
Eurofound (2020), FNG, Closure in Belgium, factsheet number 101061, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101061.