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 American clothing chain Gap has announced the closure of all its shops on the European continent due to the effects of the COVID-19 crisis, during a virtual meeting to which employees were invited to connect. This decision will lead to the closure of 21 stores and to the loss of 500 jobs in France, by July 2021. The source notes that 'employees' rights to information and consultation in case of dismissals' were not followed.
An employeee of Gap France reports that employees of the brand 'had expected a dark scenario', but this announcement has 'brought them down'. The details of the brand's withdrawal from Europe are expected to be discussed at a financial briefing of the American firm on Thursday, October 22.
Gap has already carried out a restructuring of its network, closing eight outlets in 2019, then three others in Paris at the beginning of 2020.
Eurofound (2020), Gap, Closure in France, factsheet number 102426, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102426.