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.
Cazoo, an online car retailer, has announced plans to layoff 750 employees across Europe and the United Kingdom (UK). The job cuts will mostly impact the UK operations, while cuts will also happen on a smaller scale in Germany, France and Italy. The British company has said it is undertaking the cuts and slowing the pace of hiring as part of a startegy to cut costs by more than £200 million by the end of next year. The CEO has said this is a 'business realignment' with the new economic conditions and slowdown in demand for cars from their online platform.
Updated, 01/09/2022
Cazoo has announced it will cut an additional 750 jobs, bringing the total job cuts in 2022 to 1500 employees. The layoffs will target France, Germany, Italy and Spain as the company entirely withdraws from operations in the European Union, with some cuts also planned for its UK operation. Cazoo's share price has dropped 97% since going public, making its aggressive expansion strategy, specifically its large sport sponsorship strategy, financially unsustainable. The CEO has also stated that with plans to be profitable in 2023, operations had to be adjusted again to focus solely on the UK market.
Eurofound (2022), Cazoo, Closure in World, factsheet number 108232, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108232.
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