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.
In financial difficulty due to the crisis provoked by COVID-19, the Printemps distribution group announced 428 job cuts in France by July 2021, which is more than 10% of its workforce. The Printemps group, which owns the Printemps department shop chain and the Citadium chain, presented a recovery plan to employee representatives. 70% of the job cuts concern employees working in shops, and the remaining positions to be cut are defined in a reorganisation of the central purchasing department. The group is already committed to 'avoiding redundancies' by promoting redeployment measures.
The restructuring consists of closing four of its 19 Printemps shops and three of its eight Citadium shops operating in France. Between now and January 2022, the group will close its Printemps shops in the 'Centre Italie 2' in Paris, Le Havre, Strasbourg and Metz, as well as the shops operated by Citadium in Paris, on Avenue des Champs-Elysées and Place de la Nation, and in Toulon. The plan also includes a reorganisation of services at Printemps' head office. These measures are intended to reduce the group's operating losses.
Eurofound (2020), Printemps, Closure in France, factsheet number 102548, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102548.
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