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
121 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 its plan to cut approximately 121 jobs in Stockholm, where its headquarters is located. These job cuts are part of their announcement to cut around 200 jobs worldwide (Daniel Wellington-2022-WO), corresponding to 15% of the global workforce. All departments and employee groups are affected.
According to the company, restructuring is needed in order to better cope with the current market situation. According to the company, they have previously sought to cut down costs for instance by closing down their network of boutiques but the COVID-19 situation in China, the Russian invasion of Ukraine as well as the high inflation rates have led to the need to cut down job positions. 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.
Daniel Wellington was founded in 2011. The company currently employs circa 1,300 worldwide and has 243 employees in Sweden.
Eurofound (2022), Daniel Wellington, Internal restructuring in Sweden, factsheet number 106966, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/106966.
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