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.
Canadian-based e-commerce investing company Clearco has announced to close its operations in markets outside the U.S. and Canada and to cut 60 jobs across Ireland, Germany, the U.K. and Australia, which stands for 16% of the company's global workforce. It is transferring its activities to U.K.-based Outfund.
The decision to exit the international markets comes after a year of slow e-commerce growth and rising interest rates that have been an obstacle to the company's expansion plans. Clearco will offer to dismissed employees severance and a two-year window to exercise equity. The decision came just a few months after the company had announced the recruitment of 125 people in Ireland (Clearco 2022-IE).
The company currently employs 375 people worldwide.
Eurofound (2022), Clearco, Outsourcing in World, factsheet number 107300, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107300.