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.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Computer, Electronic And Optical Products 26.52 - Manufacture of watches and clocks
200 jobs Number of planned job losses
Announcement Date
9 June 2022
Employment effect (start)
9 June 2022
Foreseen end date
Description
Swedish luxury watch manufacturer Daniel Wellington has announced to cut about 200 jobs worldwide, which corresponds to 15% of the global workforce. Sweden (Daniel Wellington-2022- SE) and other locations are affected. 243 people work at the Stockholm office and half of the them will be dismissed. Cuts will be made across all departments and functions. The company has long tried to avoid layoffs, but needs to cut costs because it has been facing years of financial difficulties and losses and aims to become a smaller company with better conditions for profitability. In 2020, it recorded a loss of SEK 504 million.
Founded in 2011, Daniel Wellington currently employs 1,300 people worldwide.
Eurofound (2022), Daniel Wellington, Internal restructuring in World, factsheet number 106951, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/106951.
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