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.
The Spanish department store chain El Corte Ingles has announced an incentive voluntary leave plan for employees over 59 years of age. Additionally, El Corte Ingles will transfer some employees from central administrative services to commercial establishments, within Spain.
The contents and requirements of this leave plan are yet to be agreed with the legal representation of the employees. It is expected that up to 500 employees will be eligible for this initiative.
The company has already contacted trade union representatives for negotiations. According to the company, this initiative will be designed on two premises, namely maintaining employment and special treatment for the most senior staff. El Corte Inglés has decided to tackle this workforce adjustment plan in an environment of high competition within the retail sector.
Update (14/03/2023)
El Corte Inglés' redeployment plan will finally affect a maximum of 590 employees over 59, who will be eligible for an incentive redundancy scheme. The company informed the trade unions on Tuesday 14 March of the final number of employees affected. Just over 500 employees in central services will be in the 59+ age bracket, which means that they will be able to take advantage of an incentivised redundancy plan. These voluntary redundancies will be voluntary and will be open to those who meet the requirements that El Corte Inglés agrees with the trade unions.
Update (28/03/2023)
El Corte Inglés and the trade unions have already agreed on a new plan to cut staff and transfer workers from offices to shops. The pact includes 630 voluntary redundancies for those over 59 years of age. The department store announced the process a month ago and during the negotiation, the conditions for the departure of the affected employees have been modified, which the workers' representatives now consider more advantageous.
Eurofound (2023), El Corte Inglés, Internal restructuring in Spain, factsheet number 108576, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108576.
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