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 Lille Métropole Commercial Court has awarded the take over of the Phildar knitting yarn brand to the company PP Yarns, created by the current director of Phildar and members of the Mulliez family. Only 86 employees out of 211 (including 61 at the head office), 8 branches and 7 affiliated shops are retained in this new entity. Surprisingly, out of the three offers (PP Yarns, Kindy and Mondial Tissus), judged to be solid, it is the one with the fewest jobs maintained that was chosen by the court. In total, 125 people will lose their job. However, as part of the Employment safeguard plan launched by Phildar, 163 jobs will be offered to affected employees for reemployment in companies owned by the AFM (the Mulliez Family Association), namely RougeGorge, Grain de Malice and Pimkie.
Placed in receivership in July 2020, Phildar, at the origin of the Mulliez empire (which owns brands such as Auchan, Boulanger, Leroy Merlin and others), saw its situation deteriorate with the COVID-19 crisis. After having owned up to 2,000 shops, many of which were franchised, the knitting yarn chain now only has 115 (44 owned, 61 affiliated and 10 franchised) for a turnover of €35.6 million.
Eurofound (2020), Phildar, Merger/Acquisition in France, factsheet number 101896, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101896.