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.
Dutch lighting company Signify has announced that it will cut 1,000 jobs worldwide, including about 500 positions in the Netherlands.
The job cuts will be spread over 30 countries in which Signify is located. So far, the company announced a restructuring programme in the Netherlands where the company plans to cut about 500 positions. The layoffs are expected to be carried out by the end of June 2024. The conditions of the programme will be negotiated with employee representatives according to local regulations.
The cuts are part of a reorganisation and cost-saving programme announced in December 2023. The sources report that the company is facing challenges related to a slowing economy. Signify estimates the programme will bring savings of €200 million.
In 2023, around 2,700 full-time jobs have already been lost at the company.
Signify, previously Phillips Lighting, is the world’s biggest provider of lighting for professionals and consumers. Globally, the company is present in over 70 countries and employs some 32,000 staff.
A previous global restructuring event of Signify has been recorded in the ERM events database Signify-2021-WO, as well as the current restructuring event in the Netherlands Signify-2024-NL.
Eurofound (2024), Signify, Internal restructuring in World, factsheet number 200741, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200741.
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